Florida Statutes 1011.31 – Current loans to Florida College System institution boards of trustees
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Terms Used In Florida Statutes 1011.31
- 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.
(1) At any time the current funds on hand are insufficient to pay obligations created by a Florida College System institution board of trustees in accordance with the approved budget of the Florida College System institution, the Florida College System institution board of trustees may request approval by the Commissioner of Education of a proposal to negotiate a current loan, with provisions for the repayment of such loan during the fiscal year in which the loan is made, in order to meet these obligations.
(2) The Commissioner of Education shall approve such proposal when, in his or her opinion, the proposal is reasonable and just, the expenditure is necessary, and revenues sufficient to meet the requirements of the loan can reasonably be anticipated.