Minimum balance; loans; maximum term

Sec. 11. In a county where the total amount in the: (1) common school fund; or (2) fund; accumulates to the amount of at least one thousand dollars ($1,000), a county may borrow and use the funds, or any part of the funds, for any lawful purpose for a period not exceeding five (5) years. [Pre-2006 Recodification Citation: 21-1-7-3 part.] As added by P.L.2-2006, SEC.165. Amended by P.L.162-2006, SEC.41.