273.13  Administrative expenditures.
  During the budget year beginning July 1, 1989, and the three succeeding budget years, the board of directors of an area education agency in which the administrative expenditures as a percent of the area education agency’s operating fund for a base year exceed five percent shall reduce its administrative expenditures to five percent of the area education agency’s operating fund. During each of the four years, the board of directors shall reduce administrative expenditures by twenty-five percent of the reduction in administrative expenditure required by this section. Thereafter, the administrative expenditures shall not exceed five percent of the operating fund. Annually, the board of directors shall certify to the department of education the amounts of the area education agency’s expenditures and its operating fund. For the purposes of this section, “base year” and “budget year” mean the same as defined in section 442.6, Code 1989, and section 257.2, and “administrative expenditures” means expenditures for executive administration.
86 Acts, ch 1226, §19; 88 Acts, ch 1158, §55; 89 Acts, ch 135, §62