Common school fund advances.

Provides that a school corporation or a charter school may receive an advance from the common school fund for payment of a local match required for the receipt of federal funds for use in constructing a safe room for protection from injury during extreme weather events or converting existing space to a safe room. Establishes the school corporation and charter school safe room program (program). Provides that the state board of education (state board), in consultation with the department of homeland security, shall administer the program. Provides that the state board of finance shall periodically establish the rate or rates of interest payable on advances made as long as the established interest rate or rates are not less than 1% and do not exceed 4%. Provides that the term of the advance may not exceed 10 years after the date of the advance. Provides that the maximum amount of the advance that the state board may approve is equal to the amount of the local match required for the receipt of federal funds for use in constructing a safe room or converting existing space to a safe room. Provides that a charter school may provide the state board with an adequate security interest for the repayment of an advance made to the charter school. Provides that a school corporation may levy a property tax for its debt service fund and transfer those revenues to the school corporation's education fund.