Sec. 4. (a) To qualify for an advance, a school corporation shall do the following:

(1) Certify to the state board the information described in section 3 of this chapter.

Terms Used In Indiana Code 20-49-5-4

  • 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.
  • fund: refers to the common school fund in the custody of the treasurer of state. See Indiana Code 20-49-5-2
(2) Request from the state board the anticipated amount of transfer tuition not to exceed the amount described in section 3 of this chapter.

(3) Guarantee full repayment of the advance by agreeing to have:

(A) one-half (1/2) of the amount of the advance deducted from the monthly distribution of state tuition support received by the school corporation six (6) months after the advancement is made, with interest at the rate of four percent (4%); and

(B) the balance of the amount of the advancement deducted from the monthly distribution of state tuition support received by the school corporation twelve (12) months after the advancement is made, with interest at the rate of four percent (4%).

     (b) The deducted amounts shall be transferred by the state board to the fund.

[Pre-2006 Recodification Citation: 21-1-5.1-3.]

As added by P.L.2-2006, SEC.172.

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