Indiana Code 20-49-4-19. Terms of agreement; right to offset advance against state tuition support
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Terms Used In Indiana Code 20-49-4-19
- 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.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Sec. 19. Each school corporation or charter school receiving an advance shall agree to have the money advanced, together with the interest on the advance, deducted from the distribution of state tuition support until all the money advanced, together with the interest on the advance, has been paid. The state board and the state board of finance shall reduce each distribution of state tuition support to each school corporation or charter school to which an advance is made in an amount to be agreed upon by the state and the school corporation or charter school. If an advance is made to a school corporation career and technical education school described in IC 20-37-1-1, the reduction for a payment obligation for the advance shall be allocated as provided in section 18 of this chapter.
[Pre-2006 Recodification Citation: 21-1-5-7(a) part.]
As added by P.L.2-2006, SEC.172. Amended by P.L.40-2014, SEC.12; P.L.189-2023, SEC.54.