306.01: Short-term Debt

Enterprise State Community College has the authority to request, during any fiscal year, the approval of the Chancellor to borrow money in anticipation of the current revenues for that fiscal year and to pledge that current funds are not sufficient to pay salaries for any given month; provided that any such amount shall not exceed one month's state allotment.

The President of Enterprise State Community College must submit a written request to the Chancellor to include the circumstances that created the shortage of funds and the amount of debt to be incurred.