IC 6-1.1-21.4
    Chapter 21.4. Rainy Day Fund Loans for Eligible SchoolCorporations

IC 6-1.1-21.4-1
"Board"
    Sec. 1. As used in this chapter, "board" refers to the state board offinance.
As added by P.L.131-2008, SEC.5.

IC 6-1.1-21.4-2
"Eligible school corporation"
    Sec. 2. As used in this chapter, "eligible school corporation"refers to a school corporation located in a county in whichdistributions of property tax revenue for 2007 or 2008 to the taxingunits (as defined in IC 6-1.1-1-21) of the county:
        (1) have not been made; or
        (2) were delayed by more than sixty (60) days after either duedate specified in IC 6-1.1-22-9.
As added by P.L.131-2008, SEC.5.

IC 6-1.1-21.4-3
Eligible school corporation; loan application terms
    Sec. 3. An eligible school corporation may apply to the board fora loan from the counter-cyclical revenue and economic stabilizationfund.
As added by P.L.131-2008, SEC.5.

IC 6-1.1-21.4-4
Board determination of loan amount; disbursement of funds; loanrepayment; no excessive levy; deposit of payments received
    Sec. 4. (a) The board, after review by the budget committee, shalldetermine the terms of any loan made under this chapter. However,the interest rate on the loan may not exceed one percent (1%).
    (b) The total amount of all loans under this chapter for allcalendar years may not exceed six million dollars ($6,000,000).
    (c) An eligible school corporation receiving a loan under thischapter must repay the loan within seventy-two (72) months after thedate on which the loan is made.
    (d) The board may disburse in installments the proceeds of a loanmade under this chapter.
    (e) An eligible school corporation may repay a loan made underthis chapter from any sources of revenue.
    (f) The obligation to repay a loan made under this chapter is nota basis for an eligible school corporation to obtain an excessive taxlevy under IC 6-1.1-19.
    (g) Whenever the board receives a payment on a loan made underthis chapter, the board shall deposit the amount paid in thecounter-cyclical revenue and economic stabilization fund.
As added by P.L.131-2008, SEC.5.
IC 6-1.1-21.4-5
Effects on levy excess funds
    Sec. 5. The proceeds of a loan received by an eligible schoolcorporation under this chapter are not considered to be part of the advalorem property tax levy actually collected by the eligible schoolcorporation for taxes first due and payable during a particularcalendar year for the purpose of calculating levy excess.
As added by P.L.131-2008, SEC.5.

IC 6-1.1-21.4-6
Loan is not bonded indebtedness
    Sec. 6. A loan under this chapter is not bonded indebtedness forpurposes of IC 6-1.1-18.5.
As added by P.L.131-2008, SEC.5.