The City of West Lafayette loans money to the school corporation WEST LAFAYETTE, IN (wbaa) - The West Lafayette Community School Corporation has a new source of money.

The city's Redevelopment Commission is loaning $1 million to help the schools get by until the state releases tax money.

The no-interest loan will be paid back by the end of March.

Superintendent Rocky Killion says the school can no longer borrow against future tax revenue.

He says the extra funds are not needed right now, but will be available if the corporation gets into an emergency situation.

The money is coming from the city's TIF districts, which were overpaid.

City officials say approximately 40 percent of that money should have gone to the school corporation in the first place. © Copyright 2009, wbaa