Sec. 4. (a) To qualify for an advance, a school corporation shall do the following: (1) Certify to the state board the information described in section 3 of this chapter. (2) Request from the state board the anticipated amount of transfer tuition not to exceed the amount described in section 3 of this chapter. (3) Guarantee full repayment of the advance by agreeing to have: (A) one-half (1/2) of the amount of the advance deducted from the monthly distribution of state tuition support received by the school corporation six (6) months after the advancement is made, with interest at the rate of four percent (4%); and (B) the balance of the amount of the advancement deducted from the monthly distribution of state tuition support received by the school corporation twelve (12) months after the advancement is made, with interest at the rate of four percent (4%). (b) The deducted amounts shall be transferred by the state board to the fund. [Pre-2006 Recodification Citation: 21-1-5.1-3.] As added by P.L.2-2006, SEC.172.
IC 20-49-5-5 Reimbursement of interest; notice between school corporations Sec. 5. A school corporation receiving an advance shall notify the school corporation or auditor of state from which the school corporation receives transfer tuition under IC 20-26-11 for students described in IC 20-26-11-8(a) or IC 20-26-11-8(b) of the amount of interest withheld under section 4 of this chapter. The school corporation or auditor of state shall reimburse the school corporation for the interest expense at the same time the transfer tuition is paid. [Pre-2006 Recodification Citation: 21-1-5.1-4.] As added by P.L.2-2006, SEC.172. Amended by P.L.65-2012, SEC.5; P.L.160-2012, SEC.55.