IC 16-22-5-17: Loans

Sec. 17. (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.

(2) Accounts receivable.

(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.