Note: This version of section effective until 7-1-2018. See also following version of this section, effective 7-1-2018.

1. (b) A contract that provides for deficit financing is void to that extent, and an individual teacher's contract executed under the contract is void to that extent.

   [Pre-2005 Elementary and Secondary Education Recodification Citation: 20-7.5-1-3.]

Sec. 3. (a) It is unlawful for a school employer to enter into any agreement that would place the employer in a position of deficit financing due to a reduction in the employer's actual general fund revenue or an increase in the employer's expenditures when the expenditures exceed the employer's current year actual general fund revenue.

As added by P.L.1-2005, SEC.13. Amended by P.L.48-2011, SEC.13.