15-1746. Collections revolving fund;
expenditures; employment of legal counsel; exemption from
lapsing
A. A collections revolving fund is established which consists of:
1. Monies repaid to the board as provided in section 15-1745.
2. Monies which the legislature appropriates.
B. The board shall use monies in the collections revolving fund for payment of
expenses incurred in enforcing contracts entered into with students as provided in
section 15-1745, including expenditures for filing fees, court costs, travel,
depositions, transcripts, reproduction costs, expert witness fees, investigations and
similar costs and expenses. Except for payment of attorney fees due on the initial
recovery of monies as provided in subsection C of this section, the board may not use
monies in the fund to compensate or employ attorneys.
C. The board may, in legal actions taken outside of this state to enforce the
contracts entered into with students as provided in section 15-1745, employ legal counsel
on a contingent fee basis plus court costs. The employment and payment of legal counsel
under this subsection is not subject to the bidding and contracting requirements under
title 41, chapter 23.
D. At no time shall the amount of monies in the collections revolving fund retained
to pay expenses incurred in enforcing contracts entered into with students exceed ten
thousand dollars.
E. The board shall not retain more than ten thousand dollars in the collections
revolving fund. Monies collected in excess of ten thousand dollars shall be deposited in
the state general fund.
F. Monies in the collections revolving fund, up to an amount of ten thousand
dollars, are exempt from section 35-190, relating to lapsing of appropriations.
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