An advance to a school corporation or charter school for any school building construction program may not exceed the greater of the following:

1. (1) Fifteen million dollars ($15,000,000).

2. (2) The product of fifteen thousand dollars ($15,000) multiplied by the number of students accommodated as a result of the school building construction program.

   However, if a school corporation or charter school has sustained loss by disaster, this limitation may be waived by the state board after consulting with the department and the budget agency.

   [Pre-2006 Recodification Citation: 21-1-5-4(b).]

As added by P.L.2-2006, SEC.172. Amended by P.L.189-2023, SEC.48.