Section 13-13-39 - Apportionment of foundation program funds within counties--Distributionof copies--Payments to school districts--Pledge of funds pursuant to leasewith the authority.
13-13-39. Apportionment of foundation program funds within counties--Distribution of copies--Payments to school districts--Pledge of funds pursuant to lease with the authority. The Department of Education shall apportion the foundation program funds to each eligible school district and shall prepare such a list of apportionments in triplicate. One copy shall be filed with the state auditor as a voucher, one copy to each school district, and one copy shall be retained in the files of the department.
The state auditor shall issue the warrant to each school district when the apportionment voucher is presented for the total amount of the foundation program funds each school district is to receive, subject to any reduction necessitated by the issuance of a warrant to the health and educational facilities authority as provided below.
If the Department of Education receives written notice from the Health and Educational Facilities Authority of a pledge of foundation program funds or other amounts under Title 13 by a school district pursuant to a lease, resolution, certificate, or other arrangement with the authority or any bond, certificate, note, or other obligation issued to or in connection with a program sponsored by the Health and Educational Facilities Authority for school districts in anticipation of funds under Title 13, the Department of Education shall deduct from amounts otherwise due to a school district for the current month and the next two succeeding months under the apportionment of foundation program funds or other amounts under Title 13 an amount sufficient to pay rentals, bonds, notes, certificates, or other amounts then due but unpaid and the amount so deducted shall be paid to the authority or any financial institution designated by the authority acting as a fiduciary in connection therewith, all as specified by the authority. A record of the amount so pledged as security or otherwise payable to the authority shall be filed with the state auditor.
The state auditor shall issue a warrant to the authority for the deducted amount specified by the Health and Educational Facilities Authority as above provided. No pledge by a school district of foundation program funds or other amounts under Title 13 for any other purpose may be permitted and if made is voidable at the election of the Health and Educational Facilities Authority.
Source: SL 1959, ch 67; SDC Supp 1960, § 15.2246; SL 1961, ch 76; SL 1963, ch 77; SL 1969, ch 44, § 30; SL 1970, ch 96, § 4; SL 1971, ch 107, § 1; SL 1975, ch 128, § 87; SL 1986, ch 124, § 5; SL 1989, ch 146, § 1; SL 1990, ch 133, § 2; SL 1997, ch 90, § 1; SL 1999, ch 84, § 1; SL 2003, ch 272, § 63.