LOUISVILLE, Ky. (AP) - The Kentucky Board of Education has approved a plan to take over financial management of the Monticello Independent school district, including likely lending it more than $1 million to keep its doors open through the end of the school year.
Board members at a special meeting Wednesday in Frankfort called the move unprecedented and voted unanimously for the plan.
Representatives from the district said before the vote they welcomed state management to keep the school doors open for the 762 students who attend.
The state has been working with the district since November to address the problems, but projections showed the district would end the year with a deficit of more than $1 million.
State officials say that under the agreement, the money will have to be repaid interest-free within five years.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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