Indiana § 20-49-10-7 - Terms and conditions of an advance
Full text of Indiana Indiana Code § 20-49-10-7 — Terms and conditions of an advance, with citation guidance and answers to common questions.
§ 20-49-10-7. Terms and conditions of an advance
Sec. 7. The following apply to an advance under this chapter:
(1) A school corporation or charter school (or coalition of public schools filing jointly) must pay interest on the advance. The state board of finance shall periodically establish the rate or rates of interest payable on advances made under this chapter as long as the established interest rate or rates are not less than one percent (1%) and do not exceed four percent (4%).
(2) The state board may provide that the advances made under this chapter are prepayable at any time.
(3) The term of the advance may not exceed ten (10) years after the date of the advance.
(4) A school corporation or charter school (or a coalition of public schools applying jointly) 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 corporation or charter school to which an advance is made until the advance is paid.
As added by P.L.211-2018(ss), SEC.13.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 20-49-10-7
What does Indiana Code § 20-49-10-7 cover?
Section 20-49-10-7 ("Terms and conditions of an advance") 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 § 20-49-10-7?
A common citation format is "Indiana Code § 20-49-10-7" (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 § 20-49-10-7 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.