SECTION 210:40-83-5. Return of unused allocation

(a)   Any local education agency which receives an allocation under the Qualified Zone Academy Bond program but does not utilize the full amount of the allocation will notify the contact person at the State Department of Education of the amount not used. Notification will occur at such time as the local education agency is reasonably sure a portion of the allocation will not be used. The purpose of the notification will be to "return" the unused portion of the allocation to the State Department of Education for reallocation to other qualified applicants.

(b)   Upon notification by a local education agency of an unused portion of an allocation, the administrator of the program at the State Department of Education will determine if qualified applications for the Qualified Zone Academy Bond program remain unfunded. If such applications exist, the procedures for funding cited in section 210:40-83-3 (i) of this subchapter will be followed. If no qualified applications exist, the returned allocation will be held over to the next funding year and allocated at that time.

[Source: Added at 17 Ok Reg 152, eff 10-12-99 (emergency); Added at 17 Ok Reg 2920, eff 7-13-00]