(a)
The Secretary may waive, for one year only, the maintenance of effort requirement in § 461.42 if the Secretary determines that a waiver would be equitable due to exceptional or uncontrollable circumstances. These circumstances include, but are not limited to, the following:
(2)
An unforeseen and precipitous decline in financial resources.
(b)
The Secretary does not consider a tax initiative or referendum to be an exceptional or uncontrollable circumstance.
Code of Federal Regulations
(Authority:
20 U.S.C. 1209(b)(2)
)