The bill amends the Code of West Virginia by introducing two new sections, 18-2-5i and 18-2E-5b, which establish a framework for providing condition-based emergency funding to financially distressed counties. A financially distressed county, defined as one with reserve funding below five percent or on a watch list for potential deficits, can apply for loans from the newly created "Temporary Shortfall Supplement Fund for County Boards of Education." The State Board of Education will oversee the process, determining essential operating expenses that the funds can cover, and will require counties to adhere to strict reporting and repayment guidelines. The bill also outlines conditions under which county officers or board members may face charges for maladministration, including failure to maintain required reserve balances or submit accurate financial reports.

Additionally, the bill stipulates that any remaining balance in the fund will revert to the General Revenue fund, and it establishes a timeline for repayment of the funds, which must occur by December 31 of the year following the appropriation, with interest. The State Board of Education is tasked with monitoring the financial health of the counties receiving funds and ensuring compliance with fiscal reporting requirements. The legislation aims to provide a structured response to financial distress in county education systems while holding officials accountable for financial mismanagement.

Statutes affected:
Introduced Version: 18-2-5i, 18-2E-5b
Engrossed Version: 18-2-5i, 18-2E-5b