1. (1)(a) "Interfund transfer" means a transaction which withdraws money from one fund and places it in another without recourse.

   1. (b) An interfund transfer is regulated by statute and Board rules.
   2. (c) "Interfund transfers" do not include interfund loans in which money is temporarily withdrawn from a fund with full obligation for repayment during the fiscal year.
2. (2) "Without recourse" means there is no obligation to return withdrawn money to the fund from which it was transferred.

KEY: education finance

Date of Last Change: November 7, 2017

Notice of Continuation: September 15, 2022

Authorizing, and Implemented or Interpreted Law: 53G-7-306; 53E-3-401(4); 53G-7-304