The Kentucky Board of Education on Wednesday rescued a small southern school district from the brink of closure, voting to allow emergency funds to be used to pay the bills in what members called an unprecedented move by the state.
Under the agreement, the state Department of Education will likely lend the Monticello Independent school district at least $1 million to keep its three schools open until the end of the school year. The interest-free loan will come out of the state's rainy day fund and will have to be repaid within five years, said associate commissioner Hiren Desai.
Desai said without the help, the district would not have been able to make payroll Feb. 28.
"Quite frankly, time is of the essence," Desai told members at a special meeting in Frankfort.