Indiana Code 20-49-2-9. Maximum advancement; nonemergency
Current as of: 2024 | Check for updates
|
Other versions
Sec. 9. A nondisaster advancement to any school corporation under section 10 of this chapter may not exceed two hundred fifty thousand dollars ($250,000). However, this dollar limitation is waived if:
(2) the school corporation’s debt service fund tax rate would exceed one dollar ($1) for each one hundred dollars ($100) of assessed valuation without a waiver of the dollar limitation.
(1) the school corporation has an assessed valuation per ADA of less than eight thousand four hundred dollars ($8,400); and
Terms Used In Indiana Code 20-49-2-9
- advancement: refers to an advance payment to a school corporation under this chapter. See Indiana Code 20-49-2-1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
[Pre-2006 Recodification Citation: 21-1-11-2(a) part.]
As added by P.L.2-2006, SEC.172. Amended by P.L.182-2009(ss), SEC.360.