Failure to Fulfill Promissory Note Disqualifies

A qualified applicant, meeting the time requirements set forth in § 8113 of this Title who fails to pay in full the amounts described in a promissory note to the Retirement Fund within three (3) years of the date of the note shall lose eligibility to purchase retirement credit under the provisions of § 8113 of this Chapter. The Retirement Fund in such cases shall refund to the applicant those amounts paid against the promissory note. SOURCE: Added by P.L. 18-046:1 (Jan. 2, 1987). Repealed and reenacted by P.L. 19-019:52 (Aug. 22, 1988); amended by P.L. 20-004:6 (Apr. 10, 1989); repealed and reenacted by P.L. 24-327:3 (Dec. 30, 1998). NOTE: See the Note following § 8136 regarding computation of interest at time of repayment to the Fund.