2007 Florida Statutes
Current loans to community college boards of trustees.
1011.31 Current loans to community college boards of trustees.--
(1) At any time the current funds on hand are insufficient to pay obligations created by a community college board of trustees in accordance with the approved budget of the community college, the community college board of trustees may request approval by the Commissioner of Education of a proposal to negotiate a current loan, with provisions for the repayment of such loan during the fiscal year in which the loan is made, in order to meet these obligations.
(2) The Commissioner of Education shall approve such proposal when, in his or her opinion, the proposal is reasonable and just, the expenditure is necessary, and revenues sufficient to meet the requirements of the loan can reasonably be anticipated.
History.--s. 630, ch. 2002-387; s. 2, ch. 2003-3.