§ 20-A §8464 — Budget failure

The following applies in the event of a budget failure as defined in section 8301-A.
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.
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.
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.
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.

Legislative History

PL 1981, c. 693, §§5,8 (NEW). PL 1991, c. 518, §29 (AMD). PL 2005, c. 397, §D3 (REV).