Indiana Code 20-49-5-3. State board; advance; purposes; maximum advance
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Sec. 3. To assist a school corporation in providing the school corporation’s educational program to a student placed in a facility or home as described in IC 20-26-11-8(a) or IC 20-26-11-8(b) and not later than October 1 of each school year, the state board may advance money to a school corporation in anticipation of the school corporation’s receipt of transfer tuition for students described in IC 20-26-11-8(a) or IC 20-26-11-8(b). The amount of the advance may not exceed the amount determined under STEP TWO of the following formula:
STEP TWO: Multiply the STEP ONE amount by the school corporation’s prior year per student transfer tuition amount.
STEP ONE: Estimate for the current school year the number of students described in IC 20-26-11-8(a) or IC 20-26-11-8(b) that are transferred to the school corporation.
Terms Used In Indiana Code 20-49-5-3
- advance: refers to an advance from the fund under this chapter. See Indiana Code 20-49-5-1
- 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.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
[Pre-2006 Recodification Citation: 21-1-5.1-2.]
As added by P.L.2-2006, SEC.172. Amended by P.L.65-2012, SEC.4; P.L.160-2012, SEC.54.