Section 16-60-113 Authority to borrow in anticipation of current revenues if funds not sufficient to pay teachers' salaries. - Alabama Statutes

Section 16-60-113

Authority to borrow in anticipation of current revenues if funds not sufficient to pay teachers' salaries.

Any junior college or trade school shall have authority during any fiscal year upon the approval of the Chancellor to borrow money in anticipation of the current revenues for that fiscal year and to pledge the current revenues for said fiscal year for payment of such loan or loans if funds on hand are not sufficient to pay the salaries of teachers for any given month; provided, that any amount borrowed shall not exceed one month's allotment and shall not exceed the amount of the state appropriation minus the amount disbursed from said school's annual allotment.

(Acts 1969, No. 1153, p. 2159; Acts 1982, No. 82-486, p. 805, §12.)