Section 8464 - Budget failureThe 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).]
1981, c. 693, §§5,8 (NEW) . 1991, c. 518, § 29 (AMD) . 2005, c. 397, §D3 (REV) .