Q Does a county school district have the authority, pursuant to Section 37-57-108, to borrow funds to cover a revenue shortfall from the 2008-09 school year, if the discovery was made by the financial officer before
June 30, 2009 but was not spread upon the board minutes until after
June 30, 2009?

A Yes. A county school district has the authority, pursuant to Section 37-57-108, to issue a promissory note to cover a revenue shortfall from the 2008-09 school fiscal year so long as the school district can demonstrate that the shortfall occurred during that school district fiscal year and the amount of the promissory note does not exceed 25 percent of the budget anticipated to be funded from the source of the shortfall for that fiscal year. The finding that the shortfall occurred during the 2008-09 fiscal year may be made and spread upon the school board minutes subsequent to the end of the 2008-09 school fiscal year. (Attorney Generalís Opinion to Mayfield dated April 2, 2010)