Indiana § 20-49-4-15 - Maximum term of advance; school building construction program; prepayment; interest rate
Full text of Indiana Indiana Code § 20-49-4-15 — Maximum term of advance; school building construction program; prepayment; interest rate, with citation guidance and answers to common questions.
§ 20-49-4-15. Maximum term of advance; school building construction program; prepayment; interest rate
Sec. 15. (a) Money advanced to a school corporation or charter school for a school building construction program may be advanced for a period not exceeding twenty-five (25) years. The school corporation or charter school to which money is advanced must pay interest on the advance. For advances made before July 1, 1993, the state board may provide, either before an advance is made or before an advance is fully paid, that the payment of the advance may not be prepaid by more than six (6) months. For advances made after June 30, 1993, for school building construction programs, the state board may provide that the advances are prepayable at any time.
(b) The state board of finance shall periodically establish the rate or rates of interest payable on advances for school building construction programs as long as:
(1) the established interest rate or rates do not exceed seven and one-half percent (7.5%); and
(2) the interest rate or rates on advances made to school corporations with advances outstanding on July 1, 1993, bearing interest at seven and one-half percent (7.5%) or more shall not exceed four percent (4%).
[Pre-2006 Recodification Citation: 21-1-5-5(a).]
As added by P.L.2-2006, SEC.172. Amended by P.L.189-2023, SEC.50.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 20-49-4-15
What does Indiana Code § 20-49-4-15 cover?
Section 20-49-4-15 ("Maximum term of advance; school building construction program; prepayment; interest rate") 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 § 20-49-4-15?
A common citation format is "Indiana Code § 20-49-4-15" (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 § 20-49-4-15 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.