Section 16-22-5-17 - Loans(a) The governing board may borrow money and may secure the borrowing by a pledge of the following: (1) Amounts from the cumulative building fund.(3) A security interest in capital equipment for which the proceeds of the loan is used.(4) Other security, including the excess of unobligated revenues over operating expenses.(b) The term of a loan may not exceed thirty-five (35) years.Pre-1993 Recodification Citation: 16-12.1-4-7.
As added by P.L. 2-1993, SEC.5.