As Amended
SEC. 37-37-19. Reduction in earned credits against state public school building fund.
When the average of at least four (4) audits under the provisions of this chapter shows that the number of students in actual attendance in any school is below the number reported to the State Department of Education by as much as the percentage detailed in Section 37-37-11 for the applicable scholastic year, then the State Auditor shall certify the same to the State Educational Finance Commission. The commission shall thereupon reduce the earned credits against the State Public School Building Fund and the maximum permissible loan or advance of the school district for that scholastic year in accordance therewith.
SOURCES: Codes, 1942, Sec. 6229-09; Laws, 1962, ch. 337, Sec. 8; 1986, ch. 492, Sec. 124, eff from and after July 1, 1987.