The Florida Senate

¹240.367  Current loans to community college district boards of trustees.--

(1)  At any time the current funds on hand are insufficient to pay obligations created by the board of trustees of any community college district in accordance with the approved budget of the community college, the 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 department shall approve such proposal when, in its 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.--ss. 1, 2, ch. 69-390; ss. 15, 35, ch. 69-106; s. 70, ch. 72-221; s. 61, ch. 79-222; s. 21, ch. 81-193; s. 3(7), ch. 2000-321.

¹Note.--Repealed January 7, 2003, by s. 3(7), ch. 2000-321, and shall be reviewed by the Legislature prior to that date.

Note.--Former s. 230.7695.