Colorado § 22-44-113 Borrowing from funds

Colorado Statutes

§ 22-44-113 — Borrowing from funds

Colorado·Title 22 Education·Art. Budget Policies and Procedures

(1)A board of education may borrow unencumbered moneys from any one fund, except the bond redemption fund, for the use of another fund at any time. All moneys borrowed from a fund pursuant to this subsection (1) shall be repaid to said fund when needed to meet the obligations of said fund, and all revenues credited to the borrowing fund shall be used first to repay the loan. Any such loan shall be repaid not later than three months after the beginning of the following budget year. In the event moneys are not forthcoming from designated sources, an amount equal to the outstanding liability shall be expended from the general fund and used to repay the loan. Such amount from the general fund shall be recorded as revenue in the receiving fund.

(2)Borrowing moneys from a fund pursua

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(1) A board of education may borrow
unencumbered moneys from any one fund, except the bond redemption fund, for
the use of another fund at any time. All moneys borrowed from a fund pursuant to
this subsection (1) shall be repaid to said fund when needed to meet the obligations
of said fund, and all revenues credited to the borrowing fund shall be used first to
repay the loan. Any such loan shall be repaid not later than three months after the
beginning of the following budget year. In the event moneys are not forthcoming
from designated sources, an amount equal to the outstanding liability shall be
expended from the general fund and used to repay the loan. Such amount from the
general fund shall be recorded as revenue in the receiving fund.

(2) Borrowing moneys from a fund pursuant to subsection (1) of this section
shall be evidenced by a resolution duly adopted by the board of education
authorizing such borrowing and shall be recorded in the minutes of the meeting of
the board at which adopted. A copy of said resolution shall be filed with the
employee or officer who issues checks, warrants, or orders on said school district.

(3) The provisions of this section shall apply to all funds created by law or
regulation or by action of a school district.

Colorado § 22-44-113 (Borrowing from funds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 64: p. 624, � 13. C.R.S. 1963: � 123-32-13. L. 81: (1) amended, p. 1073, � 1, effective July 1. L. 2003: (1) amended and (3) added, p. 1285, � 5, effective July 1.