§ 6-681-A. Program
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 24 P.S. EducationEffective: July 12, 2012
Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 24 P.S. Education
Chapter 1. Public School Code of 1949 (Refs & Annos)
Article VI-a. School District Financial Recovery (Refs & Annos)
Subarticle (c). School District Financial Recovery
(VII) Financial Recovery Transitional Loan Program (Refs & Annos)
Effective: July 12, 2012
24 P.S. § 6-681-A
§ 6-681-A. Program
(1) The school district satisfies the criteria for a declaration of financial recovery status under section 621-A(a)(1)(i).1
(2) The board of school directors has approved a financial recovery plan under section 652-A(c) or 663-A(c).2
(2) The account may be funded by any annual appropriation from the General Assembly for this program, principal repayments on all loans made under this subdivision, other funds not encumbered or committed from appropriations for grants and subsidies made to the department to assist school districts for the prior fiscal year which are authorized for use by the General Assembly on an annual basis and any interest earned on moneys in the account.
(1) A school district that satisfies the criteria stated in subsection (a) shall receive a loan under this subdivision in the amount, and accessible over the term, stated in the financial recovery plan approved by the secretary under section 652-A(d)(2) or 663-A(d)(2) or ordered by the court under section 671-A(g)(2)(vi).3
(2)(i) Any loan granted under this subdivision to a school district shall be suspended and immediately due and payable if, in the judgment of the secretary, the school district fails to take all actions necessary to implement a financial recovery plan under section 653-A(b) or 664-A(b)4 and is not progressing toward financial stability.
(ii) Where the secretary determines to suspend a loan under this paragraph, the secretary shall notify the chair and minority chair of the Appropriations Committee of the Senate, the chair and minority chair of the Appropriations Committee of the House of Representatives, the chair and minority chair of the Education Committee of the Senate and the chair and minority chair of the Education Committee of the House of Representatives.
(1) A school district that receives a loan under this subdivision may enter into a voluntary agreement with one or more charter schools in which students residing within the school district are enrolled, which agreement provides that the charter school may give the school district funds to assist the school district in repayment of the loan.
Credits
1949, March 10, P.L. 30, No. 14, art. VI-A, § 681-A, added 2012, July 12, P.L. 1142, No. 141, § 10, imd. effective.
Footnotes
24 P.S. § 6-621-A.
24 P.S. §§ 6-652-A, 6-663-A.
24 P.S. § 6-671-A.
24 P.S. §§ 6-653-A, 6-664-A.
24 P.S. § 6-681-A, PA ST 24 P.S. § 6-681-A
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document |