Indiana Code 6-1.1-21.4-7. Failure to repay loan
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Terms Used In Indiana Code 6-1.1-21.4-7
- board: refers to the state board of finance. See Indiana Code 6-1.1-21.4-1
- 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
Sec. 7. Upon the failure of a school corporation to repay any of the school corporation’s obligations under this chapter during a calendar year when due, the treasurer of state, upon being notified of the failure by the board, shall pay the unpaid obligations that are due from money in the possession of the state that would otherwise be available for distribution to the school corporation under any other law, deducting the payment from the amount distributed. However, the treasurer of state may not impair the rights of the school corporation’s bondholders.
As added by P.L.145-2012, SEC.21.