SEC. 37-151-103. Payment of funds.
Funds due each school district under the terms of this act from the Common School Fund and the Adequate Education Program Fund shall be paid in the following manner: On the twenty-fifth day of each month, or the next business date after that date, there shall be paid to each school district by electronic funds transfer one-twelfth (1/12) of the funds to which the district is entitled from funds appropriated for the Common School Fund and the Adequate Education Program Fund. Provided, however, that in December said payments shall be made on December 15th or the next business day after that date.
Provided, however, that if the cash balance in the State General Fund is not adequate on the due date to pay the amounts due to all school districts in the state as determined by the State Superintendent of Education, the State Fiscal Officer shall not transfer said funds payable to any school district or districts until money is available to pay the amount due to all districts.
SOURCES: 1997 Laws, Chapter 612, Sec. 17, SB2649, Effective July 1, 1997.
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