Limitation on payment of principal; emergency and temporary loans

Ind. Code § 20-40-9-10
in effect
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Sec. 10. (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.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/20Fetched: 10/17/2026

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