Indiana Code 20-49-5-5. Reimbursement of interest; notice between school corporations
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Terms Used In Indiana Code 20-49-5-5
- 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.
Sec. 5. A school corporation receiving an advance shall notify the school corporation or auditor of state from which the school corporation receives transfer tuition under IC 20-26-11 for students described in IC 20-26-11-8(a) or IC 20-26-11-8(b) of the amount of interest withheld under section 4 of this chapter. The school corporation or auditor of state shall reimburse the school corporation for the interest expense at the same time the transfer tuition is paid.
[Pre-2006 Recodification Citation: 21-1-5.1-4.]
As added by P.L.2-2006, SEC.172. Amended by P.L.65-2012, SEC.5; P.L.160-2012, SEC.55.