The following applies in the event of a budget failure as defined in section 8301-A. [1991, c. 518, §29 (AMD).]
1.Submission of a contingency plan. If a budget failure exists after August 1st of any fiscal year, the cooperative board shall submit to the state board a
financial statement with an operational plan indicating how the cooperative board intends to reorganize or terminate the region's
career and technical education programs.
[
1991, c. 518, §29 (AMD);
2005, c. 397, Pt. D, §3 (REV)
.]
2.Payment of the state subsidy to the cooperative board. If a budget failure exists, the State shall pay directly to the cooperative board each unit's state subsidy for career and
technical education within the region.
[
1991, c. 518, §29 (AMD);
2005, c. 397, Pt. D, §3 (REV)
.]
3.Expenditure of available funds. If a budget failure exists after June 30th, the cooperative board may expend balances and available revenues until the region
is reorganized or terminated or until a budget is approved pursuant to this chapter.
[
1991, c. 518, §29 (AMD)
.]
4.Anticipatory borrowing. The cooperative board may borrow funds not to exceed 50% of the state subsidy anticipated to be received in the fiscal year
by units in the region. Such borrowing must be repaid within the same fiscal year.
[
1991, c. 518, §29 (AMD)
.]
SECTION HISTORY
1981, c. 693, §§5,8 (NEW).
1991, c. 518, §29 (AMD).
2005, c. 397, §D3 (REV).
Data for this page extracted on 11/06/2009 08:45:23.