Indiana § 20-48-2-3 - Requirements; resolution
Full text of Indiana Indiana Code § 20-48-2-3 — Requirements; resolution, with citation guidance and answers to common questions.
§ 20-48-2-3. Requirements; resolution
Sec. 3. (a) A temporary loan made under section 2 of this chapter must be authorized by a resolution of the board of school trustees or other proper authority:
(1) designating the:
(A) nature of the consideration;
(B) date, time, and place payable;
(C) rate of interest, not to exceed six percent (6%) per annum; and
(D) revenues in anticipation of which the temporary loan is made and out of which the temporary loan is payable; and
(2) appropriating and pledging a sufficient amount of current revenues of the school town or school city:
(A) in anticipation of which the temporary loan is made; and
(B) out of which the temporary loan is payable;
to the payment of the temporary loan.
A temporary loan must be evidenced by the time warrants of the school town or school city in terms designating the nature of the consideration, the date, time, and place payable, and the revenues in anticipation of which the temporary loan is issued and out of which the temporary loan is payable. Interest accruing on the warrants to date of maturity must be added to and included in the face value of the warrants.
(b) A school town or school city may issue the time warrants of the school corporation, in anticipation of current revenues of the school town or school city, directly to persons, firms, limited liability companies, and corporations in payment of approved services, materials, and supplies contracted for, purchased, performed, and delivered.
[Pre-2006 Recodification Citation: 21-4-20-2.]
As added by P.L.2-2006, SEC.171.
IC 20-48-3Chapter 3. Borrowing; Indianapolis Public Schools
20-48-3-0.5Public education corporation exercises same powers, duties, and responsibilities 20-48-3-1Application 20-48-3-2"Board" 20-48-3-3"School city" 20-48-3-4Powers; bonds; real property; improvements to real property 20-48-3-5Temporary loans 20-48-3-6Temporary transfers; proceeds of bonds 20-48-3-7Requirements; repayment of obligations 20-48-3-8Maximum obligation
Frequently Asked Questions About Indiana § 20-48-2-3
What does Indiana Code § 20-48-2-3 cover?
Section 20-48-2-3 ("Requirements; resolution") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 20-48-2-3?
A common citation format is "Indiana Code § 20-48-2-3" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 20-48-2-3 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.