2021 Indiana Code
Title 20. Education
Article 49. State Management of Common School Funds; State Advances and Loans
Chapter 10. Advancement From Common School Fund; Improvements in School Security
20-49-10-12. Security Interest; Procedure to Redetermine Security Interest; Limitation
Sec. 12. A charter school may provide the state board with an adequate security interest for the repayment of an advance made to the charter school under this chapter, in the form and amount determined by the Indiana department of administration. If the school operator sells its equity interest in the school facility, the state board shall redetermine the adequacy of its security interest and may hold a public hearing to determine whether any tax dollar equity funded with the advance should be paid to the state. The state board may not approve the disbursement of an advance made under this chapter to a charter school until the charter school provides the state board with an adequate security interest for the repayment of the advance in the manner prescribed by this section.
As added by P.L.211-2018(ss), SEC.13.
