Terms Used In Indiana Code > Title 6 > Article 1.1 > Chapter 21.4 - Rainy Day Fund Loans for Eligible School Corporations

• ADM: refers to a school corporation's average daily membership as determined under IC 20-43-4-2. See Indiana Code 6-1.1-21.4-0.5
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• 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.
• eligible school corporation: refers to any of the following:

  Indiana Code 6-1.1-21.4-2

• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• 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.
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5