Indiana Code 20-42-1-12. Form of loan agreement
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Sec. 12. (a) If a county council borrows funds under this chapter, the county council shall adopt an ordinance specifying the amount of the funds to be borrowed and specify the time for which the loan will be made. The board of county commissioners shall execute to the state of Indiana for the use of the funds a written obligation, executed by the board of county commissioners and attested by the county auditor, that specifies the following:
(2) The sum of money borrowed.
(1) The facts under which the written obligation is executed.
Terms Used In Indiana Code 20-42-1-12
- fund: refers to a common school fund administered by a county. See Indiana Code 20-42-1-2
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(3) The time when the money will be repaid to the fund by the county.
(b) The obligation must be deposited with the county auditor of the county. The county auditor shall retain the obligation and record entries concerning the loans. The provisions of IC 6-1.1-20 concerning the loan to the county from the school funds apply to this section.
[Pre-2006 Recodification Citation: 21-1-7-4.]
As added by P.L.2-2006, SEC.165.