(1) DISTRICT SCHOOL BOARD TO ADOPT PROPOSAL.—When the district school board proposes to incur obligations of the nature authorized in this section, it shall adopt and spread upon its minutes a resolution fully describing the emergency condition outlined above, giving the nature of the obligations to be incurred, stating the plan of payment, and providing that such funds will be budgeted during the period of the loan from the current revenue to retire the obligations maturing during the year. This plan of payment shall not extend over a period longer than 1 year.
(2) INTEREST-BEARING NOTES AUTHORIZED.—Each district school board which has authorized the incurring of the obligations as provided in this section shall issue interest-bearing notes for the obligations. The notes shall provide the terms of payment and shall not bear interest in excess of the rate authorized in s. 1010.59.
History.—s. 618, ch. 2002-387.
Structure Florida Statutes
Title XLVIII - Early Learning-20 Education Code
Chapter 1011 - Planning and Budgeting
Part I - Preparation, Adoption, and Implementation of Budgets (Ss. 1011.01-1011.57)
Subpart A - District School Boards:Preparation, Adoption, andImplementation of Budgets
1011.02 - District school boards to adopt tentative budget.
1011.03 - Public hearings; budget to be submitted to Department of Education.
1011.035 - School district fiscal transparency.
1011.05 - Implementation of the official budget.
1011.051 - Guidelines for general funds.
1011.08 - Expenditures between July 1 and date budget becomes official.
1011.09 - Expenditure of funds by district school board.
1011.11 - Certain provisions to be directory.
1011.12 - Purposes of and procedures in incurring school indebtedness.
1011.13 - Current loans authorized under certain conditions.
1011.14 - Obligations for a period of 1 year.
1011.15 - Obligations to eliminate major emergency conditions.
1011.16 - Provisions for retirement of existing indebtedness which is unfunded or in default.
1011.17 - School funds to be paid to Chief Financial Officer or into depository.
1011.18 - School depositories; payments into and withdrawals from depositories.
1011.19 - Sources of district school fund.
1011.20 - Apportionment and use of district school fund.
1011.21 - Source and use of district interest and sinking fund.
1011.22 - Interest and sinking funds may be invested in certain bonds, warrants, and notes.
1011.23 - Disposition of balance in interest and sinking fund.