Sec. 17. (a) An advance is not an obligation of the school corporation within the meaning of the limitation on or prohibition against indebtedness under the Constitution of the State of Indiana. Nothing in this chapter relieves the governing body of a school corporation or charter school receiving an advance of any obligation under Indiana law to qualify the school corporation or charter school for state tuition support. The school corporation or charter school shall continue to perform all acts necessary to obtain these funds. (b) Notwithstanding any bankruptcy, reorganization, or other insolvency proceedings with respect to a charter school, an advance to a charter school under this chapter is a preferred claim and has priority over all other claims. [Pre-2006 Recodification Citation: 21-1-5-7(a) part.]
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