§ 17:25.1 — Minimum foundation program; date for payments

Louisiana § 17:25.1

• Jurisdiction: Louisiana
• Title 17: Credit Union Law

Text

§25.1. Minimum foundation program; date for payments
A. As used in this Section, the following words and phrases shall have the following
meanings unless the context otherwise requires:
(1) "Department" means the state Department of Education acting through the
superintendent or his designee.
(2) "Schedule notice" means a notice sent by the department by registered or certified
mail to each affected parish and city school board describing a disbursement schedule for the
amounts payable annually to the board under the minimum foundation program pursuant to
this Section.
(3) "Transmit" means depositing in the mail, allowing a designated person to pick
up the check, or directly depositing the check in a bank in the city of Baton Rouge designated
by the parish or city school board, whichever method each city or parish school board
designates to the department.
B.(1) The department shall transmit to each parish and city school board, not later
than the twenty-fifth day of each month, one-twelfth of the amount payable annually to the
board under the minimum foundation program, unless the department mails a schedule notice
to each parish and city school board on or before May first of each year which contains such
information as is required to inform such boards that a disbursement schedule of the amount
payable annually to the board under the minimum foundation program will be implemented
pursuant to this Section.
(2) Notice and implementation of a disbursement schedule pursuant to this Section
shall by its terms in no way reduce the aggregate annual minimum foundation program funds
payable to all parish and city school boards and the annual minimum foundation program
funds payable to an individual parish or city school board in accordance with Article VIII,
Section 13(B) of the Constitution of Louisiana.
C. The schedule notice shall set forth the fraction or percentage of annual minimum
foundation program disbursements, if any, to be transmitted each month; the latest day on
which the disbursements, if any, will be transmitted, which date shall not be later than the
twenty-fifth day of any month during which disbursements are scheduled to be transmitted;
and such other information as the department deems necessary or convenient.
D. The department shall submit appropriate warrants and documents to the division
of administration and the state treasurer at such times as will allow the state treasurer to issue
checks for such payments on the twenty-fourth day of each month, or if the schedule notice
has been given as provided by this Section, at such times as will allow the state treasurer to
issue checks for such disbursements no later than the dates set forth in the schedule notice.
E.(1) A disbursement schedule for which the schedule notice has been given shall
not be effective during the fiscal year described therein unless and until an amount in
addition to the aggregate minimum foundation program formula amount shall have been
included in the general appropriations act for such fiscal year sufficient to reimburse each
parish and city school board for the interest expense and costs, if any, incurred as a direct
result of an alternative borrowing caused by the implementation of a disbursement schedule
pursuant to this Section. The aggregate interest expense and costs, if any, projected to be
incurred by parish and city school boards and included in the general appropriations act shall
be projected and calculated by the department and such calculation shall be conclusive.
(2) Any expenditure by the state for the reimbursement to any parish or city school
board of any interest expense and costs shall be made upon proof of actual direct
expenditures by the parish or city school board and shall be payable no later than the last day
of the then current fiscal year.
F. Nothing herein shall relieve the state of the obligation to make payments in the
event that borrowable funds are not available to parish and city school boards as certified by
the department.

Legislative History

Acts 1984, No. 463, §1; Acts 1988, No. 728, §1, eff. July 18, 1988; Acts 2022, No. 374, §1.