Alabama Code 16-60-113. Authority to borrow in anticipation of current revenues if funds not sufficient to pay teachers’ salaries
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Terms Used In Alabama Code 16-60-113
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- month: means a calendar month. See Alabama Code 1-1-1
- state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
- year: means a calendar year; but, whenever the word "year" is used in reference to any appropriations for the payment of money out of the treasury, it shall mean fiscal year. See Alabama Code 1-1-1
Any community or technical college , during any fiscal year upon the approval of the Chancellor, may borrow money in anticipation of the current revenues for that fiscal year and pledge the current revenues for that 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. Any amount borrowed may not exceed one month’s allotment and may not exceed the amount of the state appropriation minus the amount disbursed from the annual allotment to the college.