IC 21-34-7-1 Written contract for grants
Sec. 1. (a) The board of trustees of a state educational institution
that has entered into a written contract for a grant, pending the
receipt of the grant, but within the limitations set forth in section 2
of this chapter, may:
(1) borrow from any person; and
(2) evidence the debt by a note or a series of notes of equal or
unequal amounts containing the terms and conditions that the
board of trustees of the state educational institution prescribes.
(b) Any note may pledge, for the payment of the principal and
interest of the note:
(1) the proceeds of the grant; and
(2) any revenue that may be derived from the building facility
being constructed, acquired, renovated, or improved by the
proceeds of the note or notes. As added by P.L.2-2007, SEC.275. Amended by P.L.3-2008,
SEC.139.
IC 21-34-7-2 Maximum amount of grant anticipation loan; sources of payment
Sec. 2. A grant anticipation loan may not exceed the estimated
aggregate amount of the grant or grants in anticipation of which the
loan is made. The grant anticipation note must be structured to
amortize and to pay principal of and interest on the loan in
accordance with anticipated receipts of the grant or grants. A grant
anticipation note may also be payable from other revenues or
amounts available for pledge under IC 21-34-6-2. As added by P.L.2-2007, SEC.275. Amended by P.L.79-2010, SEC.6.
IC 21-34-7-3 Notes for a grant anticipation loan
Sec. 3. The notes for a grant anticipation loan must be:
(1) executed in the same manner as provided for bonds in
IC 21-34-6-18; and
(2) sold in the same manner as provided for bonds in
IC 21-34-6-8 through IC 21-34-6-17. As added by P.L.2-2007, SEC.275.
IC 21-34-7-4 Proceeds of a grant anticipation loan
Sec. 4. The board of trustees of a state educational institution shall
apply the proceeds of any grant anticipation notes to those items of
cost for which the grant has been allocated by the granting agencies.
The purchaser of any notes:
(1) is not liable for any improper use of the proceeds; and
(2) does not have to insure that the amount of the loan stays
within the maximum limits specified in section 2 of this chapter
as grant funds are received by the state educational institution. As added by P.L.2-2007, SEC.275.
IC 21-34-7-1 Written contract for grants
Sec. 1. (a) The board of trustees of a state educational institution
that has entered into a written contract for a grant, pending the
receipt of the grant, but within the limitations set forth in section 2
of this chapter, may:
(1) borrow from any person; and
(2) evidence the debt by a note or a series of notes of equal or
unequal amounts containing the terms and conditions that the
board of trustees of the state educational institution prescribes.
(b) Any note may pledge, for the payment of the principal and
interest of the note:
(1) the proceeds of the grant; and
(2) any revenue that may be derived from the building facility
being constructed, acquired, renovated, or improved by the
proceeds of the note or notes. As added by P.L.2-2007, SEC.275. Amended by P.L.3-2008,
SEC.139.
IC 21-34-7-2 Maximum amount of grant anticipation loan; sources of payment
Sec. 2. A grant anticipation loan may not exceed the estimated
aggregate amount of the grant or grants in anticipation of which the
loan is made. The grant anticipation note must be structured to
amortize and to pay principal of and interest on the loan in
accordance with anticipated receipts of the grant or grants. A grant
anticipation note may also be payable from other revenues or
amounts available for pledge under IC 21-34-6-2. As added by P.L.2-2007, SEC.275. Amended by P.L.79-2010, SEC.6.
IC 21-34-7-3 Notes for a grant anticipation loan
Sec. 3. The notes for a grant anticipation loan must be:
(1) executed in the same manner as provided for bonds in
IC 21-34-6-18; and
(2) sold in the same manner as provided for bonds in
IC 21-34-6-8 through IC 21-34-6-17. As added by P.L.2-2007, SEC.275.
IC 21-34-7-4 Proceeds of a grant anticipation loan
Sec. 4. The board of trustees of a state educational institution shall
apply the proceeds of any grant anticipation notes to those items of
cost for which the grant has been allocated by the granting agencies.
The purchaser of any notes:
(1) is not liable for any improper use of the proceeds; and
(2) does not have to insure that the amount of the loan stays
within the maximum limits specified in section 2 of this chapter
as grant funds are received by the state educational institution. As added by P.L.2-2007, SEC.275.
IC 21-34-7-1 Written contract for grants
Sec. 1. (a) The board of trustees of a state educational institution
that has entered into a written contract for a grant, pending the
receipt of the grant, but within the limitations set forth in section 2
of this chapter, may:
(1) borrow from any person; and
(2) evidence the debt by a note or a series of notes of equal or
unequal amounts containing the terms and conditions that the
board of trustees of the state educational institution prescribes.
(b) Any note may pledge, for the payment of the principal and
interest of the note:
(1) the proceeds of the grant; and
(2) any revenue that may be derived from the building facility
being constructed, acquired, renovated, or improved by the
proceeds of the note or notes. As added by P.L.2-2007, SEC.275. Amended by P.L.3-2008,
SEC.139.
IC 21-34-7-2 Maximum amount of grant anticipation loan; sources of payment
Sec. 2. A grant anticipation loan may not exceed the estimated
aggregate amount of the grant or grants in anticipation of which the
loan is made. The grant anticipation note must be structured to
amortize and to pay principal of and interest on the loan in
accordance with anticipated receipts of the grant or grants. A grant
anticipation note may also be payable from other revenues or
amounts available for pledge under IC 21-34-6-2. As added by P.L.2-2007, SEC.275. Amended by P.L.79-2010, SEC.6.
IC 21-34-7-3 Notes for a grant anticipation loan
Sec. 3. The notes for a grant anticipation loan must be:
(1) executed in the same manner as provided for bonds in
IC 21-34-6-18; and
(2) sold in the same manner as provided for bonds in
IC 21-34-6-8 through IC 21-34-6-17. As added by P.L.2-2007, SEC.275.
IC 21-34-7-4 Proceeds of a grant anticipation loan
Sec. 4. The board of trustees of a state educational institution shall
apply the proceeds of any grant anticipation notes to those items of
cost for which the grant has been allocated by the granting agencies.
The purchaser of any notes:
(1) is not liable for any improper use of the proceeds; and
(2) does not have to insure that the amount of the loan stays
within the maximum limits specified in section 2 of this chapter
as grant funds are received by the state educational institution. As added by P.L.2-2007, SEC.275.
