Indiana Code 6-1.1-20.3-8.3. Review of school corporation petition for a loan
Current as of: 2023 | Check for updates
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Terms Used In Indiana Code 6-1.1-20.3-8.3
- board: refers to the distressed unit appeal board established by section 4 of this chapter. See Indiana Code 6-1.1-20.3-1
- 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. 8.3. After the board receives a petition concerning a school corporation under section 6(b)(1) of this chapter, the board shall review the school corporation’s request for a loan from the counter-cyclical revenue and economic stabilization fund under IC 6-1.1-21.4-3(b). The board shall make a recommendation to the state board of finance regarding the loan request. The board may consider whether a school corporation has attempted to secure temporary cash flow loans from the Indiana bond bank or a financial institution in making its recommendation.
As added by P.L.145-2012, SEC.10. Amended by P.L.257-2013, SEC.23.