(a) Annually, the board of trustees and the president or chancellor of each state-supported institution of higher education shall certify to the Chief Fiscal Officer of the State and the Legislative Council that as of December 31, sufficient appropriations and funds:
(1) Are available to meet all current and anticipated obligations for the current fiscal year as the obligations become due; or
(2) Will become available to meet all current and anticipated obligations for the current fiscal year as the obligations become due.
(b) The certification from each state-supported institution of higher education shall be:
(1) Signed by the chair of the board and the president or chancellor;
(2) Sent no later than February 28 or upon release of the previous year's audit by the Division of Legislative Audit to the Chief Fiscal Officer of the State and the Legislative Council; and
(3) Accompanied by the published annual financial statement for the preceding fiscal year approved by the board.
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