Ind. Code § 20-40-9-10
Limitation on payment of principal; emergency and temporary loans
As added by P.L.2-2006, SEC.163.
- (a) Except as otherwise provided by law, a school corporation may not pay from the fund the principal of emergency and temporary loans obtained for the benefit of any other fund.
(b) Except as provided in IC 20-48-1-7 and IC 20-48-1-9 , payment of interest on emergency and temporary loans must be received in and disbursed from the fund.
[Pre-2006 Recodification Citation: 21-2-4-2 part.]
As added by P.L.2-2006, SEC.163.