Sec. 10. The following apply to an advance under this chapter:
(1) Interest shall be charged at the rate of one percent (1%) per annum.
(2) The outstanding advance amount at any one (1) time for a particular school may not exceed five million dollars ($5,000,000).
(3) The term of the advance may not exceed ten (10) years after the date of the advance.
(4) A school must enter into an advance agreement with the state board before receiving an advance from the fund. The terms of the agreement must include a provision allowing the state board to withhold funds due to a school to which an advance is made until the advance is paid.
(5) A school may receive multiple advances from the fund as long as the total amount outstanding on all advances to the school from the fund does not exceed the maximum amount set forth in subdivision (2).
(6) If advance proceeds are to be used by a school to construct or purchase a school facility, the school shall provide the state board with an adequate security interest for the repayment of the advance, in the form and amount determined by the Indiana department of administration. If the school operator sells its equity interest in the school facility, the state board shall redetermine the adequacy of its security interest and may hold a public hearing to determine whether any tax dollar equity funded with the advance should be paid to the state.
As added by P.L.213-2015, SEC.232.
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