Sec. 7. If a school files an application for an advance as required by the state board, and the state board finds that the school:

(1) qualifies for an advance under section 8 of this chapter; and

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Terms Used In Indiana Code 20-49-9-7

(2) will use the advance proceeds for educational purposes;

the state board shall make the advance to the school.

As added by P.L.213-2015, SEC.232.