2006 Indiana Code - CHAPTER 7. SCHOOL FUND LOAN PROCEDURE
IC 21-1-7Chapter 7. School Fund Loan Procedure
IC 21-1-7-1
Loans from funds; interest rate
Sec. 1. The principal belonging to the common school funds, the
congressional township school fund, or the permanent endowment
fund of Indiana University, and all accretions to the principal of
school funds of the state of Indiana, held in trust by the several
counties of the state, shall be loaned at four percent (4%) per annum,
and each county of the state of Indiana holding in trust any parts of
said funds shall be chargeable by the state, with interest at the rate of
four percent (4%) per annum on the total of such funds so held by it,
on and after June 1, 1943. Provided, however, that on all loans
bearing a higher rate of interest than four percent (4%) per annum
made previous to June 1, 1943, the interest on said loans shall be
four percent (4%) per annum.
(Formerly: Acts 1943, c.251, s.1; Acts 1945, c.85, s.1.) As amended
by P.L.2-1988, SEC.656.
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