Maine Revised Statutes

§8464. Budget failure

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).