1.  Apportionments.  Unless otherwise required by law, the State shall pay apportionments to school administrative units, career and technical education regions and private schools annually commencing in July. The State shall pay an amount not to exceed 1/12 of the subsidy each month no later than the last day of the month. The State shall pay any balance within 7 days after the end of the fiscal year. If the State pays the balance of state subsidy for a fiscal year after the end of the fiscal year, a school administrative unit, career and technical education region or private school may record the final payment as an account receivable due from the State in that fiscal year.  

2.  Career and technical education centers.  Payments may be made to career and technical education centers at the times and in the amounts as the commissioner may authorize.  

3.  Return required.  An apportionment provided in this chapter, chapters 505 and 606‑B and section 13601 may not be paid to a school administrative unit by the Treasurer of State until returns required by law have been filed with the commissioner.  

4.  Failure to file return.  When the information required by the chapters and sections listed in subsection 3 is not available because of the failure of the school administrative unit, through its officers, to make the returns required by law, or because of the loss or destruction of the school records of the unit, the commissioner may use a basis for apportionment numbers on which the apportionment for the unit was made for the preceding year less 10%.