Article 1(Purpose) #
The purpose of this Act is to establish the Special Accounts for Management of Local Education Grant (hereinafter referred to as the “Accounts”) in order to manage and operate local education grant efficiently as prescribed in Article 3 of the Local Education Grant Act.
Article 2(Management and Operation of Accounts) #
The accounts shall be managed and operated by the Minister of Education and Human Resources Development. <Amended by Act No. 6400, Jan. 29, 2001>
Article 3(Revenue) #
The revenue of this accounts shall be as the following subparagraphs:
1. Receipts under Article 3 of the Local Educational Grant Act; and
2. Surplus funds from the settlement of accounts of the preceding year under Article 6.
Article 4(Expenditure) #
The expenditure of this accounts shall be as the following subparagraphs:
1. Grant conceded under Article 4 of the Local Educational Grant Act; and
2. Other expenses necessary for the operation of the accounts.
Article 5(Temporary Loan) #
(1) The temporary loan for this accounts may be made if the operational funds are deficient temporarily.
(2) The amount with interest added to the temporary loan as prescribed in paragraph (1) of this Article shall be repaid within the current fiscal year.
Article 6(Disposal of Surplus Funds) #
The surplus funds from the settlement of accounts shall bring in the revenue of the following fiscal year.