Sec. 10. The following apply to a loan from the fund to a charter school under this chapter:
(1) A loan may not exceed the maximum amount set by the department.
(2) The term of the loan may not exceed fifteen (15) years after the date of the loan.
(3) A charter school may receive multiple loans from the fund as long as the total amount outstanding on all loans granted to the charter school from the fund does not exceed the maximum amount set by the department.
(4) The department shall determine the interest rate and other terms for the loan, subject to the approval of the state board of finance.
(5) A charter school must enter into a loan agreement with the department before receiving a loan from the fund.
As added by P.L.91-2011, SEC.25. Amended by P.L.6-2012, SEC.130.
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