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The district receiving funds pursuant to this chapter shall maintain a separate unencumbered financial institution account for any fees paid and shall file an audited report with the Council on the balance in the account at the end of the previous fiscal year and the facilities leased, purchased, or constructed during the previous fiscal year. In addition, the report shall specify which attendance areas will continue to be overcrowded when the fall term begins and where conditions of overcrowding will no longer exist. Such report shall be filed by August 1 of each year and shall be filed more frequently at the request of the Council.
(§ 1, Ord. 684-NS, eff. August 17, 1978)