Note: This version of section amended by P.L.213-2018(ss), SEC.24, effective 7-1-2018. See also following version of this section amended by P.L.213-2018(ss), SEC.25, effective 1-1-2019.

1. (1) means, except as provided in subdivision (2), actual expenditures exceeding the employer's current year actual general fund revenue; or

2. (2) means, in the case of any distressed school corporation, the Gary Community School Corporation, or the Muncie Community school corporation:

   1. (A) actual expenditures; plus

   2. (B) additional payments against any outstanding debt obligations;

      exceeding the employer's current year actual general fund revenue.

      [Pre-2005 Elementary and Secondary Education Recodification Citation: 20-7.5-1-2(q).]

Sec. 6. "Deficit financing" for a budget year:

As added by P.L.1-2005, SEC.13. Amended by P.L.48-2011, SEC.7; P.L.213-2018(ss), SEC.24.