Sec. 10. (a) Except as otherwise provided by law, a school corporation may not pay from the fund the principal of emergency and temporary loans obtained for the benefit of any other fund.

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Terms Used In Indiana Code 20-40-9-10

  • 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 a debt service fund established under section 4 of this chapter. See Indiana Code 20-40-9-2
     (b) Except as provided in IC 20-48-1-7 and IC 20-48-1-9, payment of interest on emergency and temporary loans must be received in and disbursed from the fund.

[Pre-2006 Recodification Citation: 21-2-4-2 part.]

As added by P.L.2-2006, SEC.163.

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