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.
At a special meeting in Frankfort Wednesday, board members called the move unprecedented, and voted unanimously for the plan.
Before the vote, representatives from the district said 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 under the agreement, the money will have to be repaid interest-free within five years.