California Code of Regulations › Title 5 - Education › Division 6 - California Community Colleges › Chapter 9 - Fiscal Support › Subchapter 4 - Budgets and Reports › Section 58316 - Appropriation for Emergency Apportionment; Repayment Schedule

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) If the
				  procedures pursuant to Sections
				  58310,
				  58312 and
				  58314 fail to stabilize the
				  financial condition of the district before an emergency apportionment is
				  necessary, the Chancellor may seek an appropriation for an emergency
				  apportionment in an amount necessary to maintain the educational programs of
				  the district as specified in the educational plan pursuant to Sections
				  58310 and
				  58312 and to preclude a negative
				  ending balance.
(b) For each of
				  three fiscal years, the Controller shall deduct from apportionments paid to a
				  district pursuant to law, an amount not less than one-third of the amount
				  actually allocated to the district pursuant to this section, together with
				  amounts representing interest at a rate based on the most current investment
				  rate of the Pooled Money Investment Account as of the date of the disbursement
				  of funds to the district.
For each of three fiscal years, the amount deducted by the
					 Controller pursuant to this subdivision shall be reapportioned to the source of
					 the funds allocated to the district pursuant to this section. Amounts so
					 reapportioned to Section B of the State School Fund shall be apportioned by the
					 Chancellor to districts to alleviate any deficits in state funding in the year
					 in which the loan is made or during the period of repayment. Unless otherwise
					 determined pursuant to subdivision (c), the three-year repayment period shall
					 consist of three consecutive fiscal years commencing with the fiscal year
					 following the year in which the emergency apportionment is
					 made.
(c) Any district which
				  has received an emergency apportionment pursuant to this section may request a
				  revision of the repayment schedule. The request shall be submitted to the
				  Chancellor, the Joint Legislative Audit Committee, the Joint Legislative Budget
				  Committee, and the Director of Finance. The request shall be accompanied by
				  appropriate justification for any deferral of repayment, including a revision
				  to the plans adopted by the district's governing board as specified in this
				  section, together with specified identification of the reasons that the actions
				  were taken by the district to correct the financial problems.
The Chancellor shall consult with representatives of the
					 Joint Legislative Audit Committee, the Joint Legislative Budget Committee, the
					 Director of Finance, and representatives which the Chancellor may select from
					 the chief executive officers and presidents of the other community colleges and
					 districts throughout the state. After consulting with these representatives,
					 the Chancellor may revise the repayment schedule, may forgive the interest
					 payments otherwise compounded as a result of any deferral of payment, and may
					 specify any conditions that he or she determines are necessary to assure the
					 repayment of the emergency apportionment. The Chancellor shall report his or
					 her actions to the Board of Governors, the Director of Finance, the Controller,
					 and Joint Legislative Budget Committee. The Controller shall deduct amounts
					 from the apportionment schedule in accordance with the revised repayment
					 plan.
1. New
					 section filed 3-4-91 by Board of Governors of California Community Colleges
					 with the Secretary of State; operative 4-5-91 (Register 91, No. 23). Submitted
					 to OAL for printing only pursuant to Education Code Section
					 70901.5(b).
2.
					 Amendment of subsections (b) and (c) and repealer of subsection (d) filed
					 10-25-91; operative 11-24-91 (Register 92, No. 9).
3. Editorial
					 correction of HISTORY 1 (Register 95, No. 23).
4. Change without
					 regulatory effect amending NOTE filed 9-14-2004 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 2004, No. 39).
Note: Authority cited: Sections
						66700,
						70901 and
						84040,
						Education Code. Reference: Section
						70901,
						Education Code.