Bill > SB0292

This bill, effective retroactively to January 1, 2025, allows the distressed unit appeal board to recommend to the state board of finance that the term of loans or advances from the common school fund be extended if payments are delayed or suspended. The extension period can be equal to or less than the duration of the payment delay or suspension. If payments are suspended, the school corporation must establish a school improvement fund and transfer to it an amount equal to the suspended payments from 2020, which can then be used for repairs, renovations, improvements, or demolition of school buildings and property existing as of July 1, 2020, with all expenditures requiring approval from the distressed unit appeal board. Additionally, school corporations can levy a tax annually in their debt service fund to cover amounts that would have been deducted from state tuition support for loan payments in 2020 if they hadn't been suspended, with these funds then transferred to the education fund. The bill also declares an emergency for its immediate effect and states that these provisions will expire on January 1, 2028.

Education

https://iga.in.gov/legislative/2026/bills/senate/292/details