3313.4811 Schedule of maximum expenditures. - Ohio Statutes

3313.4811 Schedule of maximum expenditures.

Any school district to which section 3313.4810 of the Revised Code applies that makes application for a loan under section 3317.64 of the Revised Code shall, in addition to meeting all other requirements for receiving the loan that are imposed by or pursuant to Chapters 3313. and 3317. of the Revised Code, submit to the controlling board a schedule specifying the maximum expenditures that the district commits itself to make during the remainder of the current fiscal year and the ensuing two fiscal years. Except for a district under a fiscal emergency pursuant to division (B) of section 3316.03 of the Revised Code, such expenditure schedule shall be approved by the state superintendent of public instruction. If at the end of any month of that period the district has spent more than the cumulative maximum amount above which the district committed itself not to spend by that time, the district thereby violates the terms of the loan, and the superintendent of public instruction shall prepare a repayment schedule and plan for reduction of expenditures within the terms of the loan.

Effective Date: 06-20-1996