What can be done if, later in the fiscal year, a school corporation needs a larger amount of money than the amount of warrants originally issued?
ISCAP participants may issue parity warrants only after notifying ISCAP. “Parity warrants” are warrants that are on an equal repayment basis with ISCAP warrants. Subordinate warrants can be issued, but only as a last resort and after all cash advances available through ISCAP have been used. All expected revenues must first be used toward the repayment of ISCAP warrants before any payment is made on subordinate warrants. As stated at the outset, the purpose of this summary is to provide an easy to understand and informational look into the ISCAP program for school corporations. It provides a brief and general overview of the ISCAP program and is far from comprehensive. This summary is no substitute for a thorough reading and understanding of the more detailed documentation about the program including: the Summary of Provisions of the Program Documents, Important Information About the Tax Exemption Certificate, the Master and Supplemental Resolutions, the Tax Exemption and Closing Certif
