Ala. Code § 16-60-113

Current through the 2024 Regular Session.

Section 16-60-113 - Authority to borrow in anticipation of current revenues if funds not sufficient to pay teachers' salaries

Any community or technical college , during any fiscal year upon the approval of the Chancellor, may borrow money in anticipation of the current revenues for that fiscal year and pledge the current revenues for that fiscal year for payment of such loan or loans if funds on hand are not sufficient to pay the salaries of teachers for any given month. Any amount borrowed may not exceed one month's allotment and may not exceed the amount of the state appropriation minus the amount disbursed from the annual allotment to the college.

Ala. Code § 16-60-113 (1975)

Amended by Act 2015-125,§ 6, eff. when a quorum of the board of trustees is confirmed by the Senate or June 4, 2015, whichever comes first.

Acts 1969, No. 1153, p. 2159; Acts 1982, No. 82-486, p. 805, §12.