Indiana § 20-49-2-11 - Disaster loans; maximum advancement
Full text of Indiana Indiana Code § 20-49-2-11 — Disaster loans; maximum advancement, with citation guidance and answers to common questions.
§ 20-49-2-11. Disaster loans; maximum advancement
Sec. 11. (a) The state board may make a disaster loan to a school corporation that has suffered loss by fire, flood, windstorm, or other disaster that makes all or part of the school building or buildings unfit for school purposes.
(b) A loan made under this section may not exceed three million dollars ($3,000,000). The school corporation shall repay the loan within twenty (20) years at an annual interest rate of one percent (1%) of the unpaid balance.
(c) The amounts repaid by school corporations under subsection (b) shall be deposited in a fund to be known as the school disaster loan fund. The money remaining in the school disaster loan fund at the end of a state fiscal year does not revert to the state general fund. The state board may use the money in the school disaster loan fund only to make disaster loans to school corporations under this section.
(d) Sections 13, 14, and 15 of this chapter do not apply to loans made under this section.
[Pre-2006 Recodification Citation: 21-1-11-3.1.]
As added by P.L.2-2006, SEC.172. Amended by P.L.233-2015, SEC.307.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 20-49-2-11
What does Indiana Code § 20-49-2-11 cover?
Section 20-49-2-11 ("Disaster loans; maximum advancement") 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 § 20-49-2-11?
A common citation format is "Indiana Code § 20-49-2-11" (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 § 20-49-2-11 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.