IN HB1040

Muncie Community Schools may request an interest-free loan from the common school fund on or before June 30, 2020, to address short-term financial problems and pay operational costs, debts, or obligations.

The state board of finance may approve loans with a term of not more than ten years, and shall determine the payment schedule and commencement date in consultation with the governing body.

If Muncie Community Schools is designated as fiscally impaired or a distressed political subdivision, an emergency manager must request the loan and the distressed unit appeals board must recommend and approve it before financing.

The distressed unit appeals board shall determine the payment schedule and commencement date when the school corporation qualifies as fiscally impaired or distressed.

Chapter 4.5 establishing this loan program expires July 1, 2035, and an emergency is declared for the act's implementation.