Indiana Code 20-49-4-16. Maximum term of advance; educational technology program; prepayment; interest rate
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Sec. 16. (a) Money advanced to a school corporation or charter school for an educational technology program may be for a period not exceeding five (5) years. The school corporation or charter school to which an advance is made shall pay interest on the advance. Advances for educational technology programs may be prepaid at any time.
(1) are not less than one percent (1%); and
(b) The state board of finance shall periodically establish the rate or rates of interest payable on advances for educational technology programs as long as the established interest rate or rates:
Terms Used In Indiana Code 20-49-4-16
- advance: means an advance under this chapter from the fund. See Indiana Code 20-49-4-3
- charter school: refers to a school established under IC 20-24. See Indiana Code 20-49-4-3.5
- 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.
- educational technology program: means the:
Indiana Code 20-49-4-5
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
(2) do not exceed four percent (4%).
[Pre-2006 Recodification Citation: 21-1-5-5(b).]
As added by P.L.2-2006, SEC.172. Amended by P.L.189-2023, SEC.51.