District Transfer Resolution Form El Dorado County

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RESOLUTION OF GOVERNING BOARD OF ________________DISTRICT
TEMPORARY TRANSFER AGREEMENT
This Temporary Transfer Agreement (the “Agreement”) is made and effective this __ day of _____,
20[___], by and between the El Dorado County Superintendent of Schools and The El Dorado County Board of
Education, (the “County”) and [INSERT NAME OF SCHOOL DISTRICT] (the “District”).
WHEREAS, school districts and community colleges in our county are experiencing cash flow challenges as a
result of apportionment deferrals and revised apportionment schedules included in Education Code (EC)
Section 14041.5 and EC Sections 14041.6.
WHEREAS, Education Code section 42621 and 85221 provides that the County Superintendent of Schools of
each county with the approval of the County Board of Education, may make temporary transfers to any school
district/community college which does not have sufficient money to its credit to meet current operating
expenses from the county school service fund, in such amounts and at such times as he/she deems necessary.
Such transfers shall not exceed 85 percent of the amount of money accruing to the school district at the time
of transfer. The amounts so transferred shall be repaid to the county school service fund prior to June 30 of
the current year from any funds subsequently received by the school district or community college.
WHEREAS, Education Code section 42622 and 85222 allows the county superintendent of schools, with the
approval of the county board of education, to make an apportionment to a school district from the county
school service fund conditional upon the repayment to the fund during the next succeeding fiscal year of the
amount apportioned to the district and shall, during the next succeeding fiscal year, transfer the amount of
such apportionment from the general fund of the district to the county school service fund.
WHEREAS, taxes and the local control funding accrued to this district during the 2015-16 fiscal year was
$______________; and
WHEREAS, it is necessary to provide funds for meeting obligations incurred for maintenance purposes by this
district;
IT IS THEREFORE RESOLVED AND ORDERED pursuant to the provisions of Education Code section 42621,
42622, 85221 and 85222 as follows:
1) Find and determine that the Transfers are in the public interest and serve a valid public purpose.
2) The Treasurer of the County of El Dorado shall provide for temporary transfers from the County Office
funds to the El Dorado County School Districts and the Lake Tahoe Community College.
3) Such transfer shall be accomplished by allowing district/college overall fund cash balance to go negative up
to the 85% limit, as long as the County Office of Education has sufficient funds to cover this negative
balance. Districts shall be charged interest based on negative cash balances. Interest charged shall be the
pooled rate of interest earned on funds in the county treasurer.
4) $____________ is the maximum line of credit for the period from July 1 until June 30 not to exceed a total
of 85% of taxes and state aid local control funds accruing to the district/community college. This amount
represents the total available temporary transfer approved by the governing board for the 2016-17 fiscal
year.

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