24 Pa. Stat. § 6-602-A

Current through Pa Acts 2024-53, 2024-56 through 2024-92

Section 6-602-A - Definitions

The following words and phrases when used in this article shall have the meanings given to them in this section unless the context clearly indicates otherwise:

"Advisory committee." The advisory committee established by a board of school directors under section 654-A.

"Chief recovery officer." The chief recovery officer appointed by the Secretary of Education under section 631-A.

"Claim." A right to:

(1) payment, whether or not the right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured; or

(2) an equitable remedy for breach of performance if the breach gives rise to a right to payment, whether or not the right to an equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed, undisputed, secured or unsecured.

"Creditor." An individual, partnership, corporation, association, estate, trust or governmental unit that has a claim against a school district. The term shall include the Public School Employees' Retirement Board.

"Deficit." The excess of expenditures over revenues, calculated as a percentage of revenue, during an accounting period, and which calculation includes all governmental fund types and all proprietary fund types, but excludes all fiduciary fund types of the school district.

"Department." The Department of Education of the Commonwealth.

"Employee organization." As defined in section 1101-A.

"Expenditures." Reductions in fund equity, including current operating expenses that require the use of fund equity, debt service and capital outlays. The term shall not include interfund transfers.

"Financial recovery plan" or "plan." A financial recovery plan under subarticle (c).

"Financial recovery school district." A school district of the first class A, second class, third class or fourth class declared by the Secretary of Education to be in financial recovery status under section 621-A.

"Financial recovery school district transitional loan account." The account for loans awarded under Subdivision (vii) of subarticle (c).

"Fund equity." Excess of assets of a fund over its liabilities. The term shall include a fund balance.

"Receiver." The receiver of a financial recovery school district appointed under Subdivision (vi) of subarticle (c).

"Revenues." Additions to fund equity other than from interfund transfers, proceeds of debt and proceeds of disposition of general fixed assets.

"School district." A school district of the first class A, second class, third class and fourth class and a financial recovery school district. The term does not include a school district of the first class.

"Secretary." The Secretary of Education of the Commonwealth.

24 P.S. § 6-602-A

Added by P.L. 1142 2012 No. 141, § 10, eff. 7/12/2012.