§302A-1706 School facilities special fund.

518 words·~2 min read·/hi/302a-1706

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)There is established within the state treasury a special fund to be known as the school facilities special fund into which shall be deposited:

(1)All moneys the authority receives, including funds appropriated or transferred by the legislature for deposit into the special fund;

(2)Funds collected pursuant to section 302A-1608(a); provided that these moneys shall be deposited into the appropriate subaccount established pursuant to subsection (b);

(3)Any moneys received by the department in the form of a grant, gift, endowment, or donation for the development, planning, or construction of new school facilities or major renovations of school facilities; and

(4)All other moneys received by the authority and not deposited into a trust fund or trust account, including unrestricted grants, gifts, and donations; proceeds from sales of property; rents and other receipts from leases, rights of entry, and the like; and interest, refunds, and other receipts and payments.

(b)The authority shall establish and appropriately name subaccounts within the school facilities special fund to accept deposits of revenues from school impact fees that are required to be expended within a specific school impact district pursuant to section 302A-1608(a) or restricted for a specified purpose pursuant to part V, subpart B of this chapter.

(c)The school facilities special fund shall be administered by the authority and used to fund any school development, planning, or construction project, including prekindergarten facilities, within the jurisdiction of the authority.

(d)Subject to chapter 84, any other law to the contrary notwithstanding, the governor may authorize expenditures from the school facilities special fund of any donation, grant, bequest, and devise of money from any private institution, person, firm, or corporation for the purposes of funding the salaries of the executive director and any officers, agents, and employees of the authority. If all or any portion of any salary of the executive director or any officer, agent, or employee of the authority is funded pursuant to this subsection, the authority shall submit a report to the legislature detailing the use of any funds authorized under this subsection no later than twenty days prior to the convening of the next regular session following the expenditure authorization.

(e)The authority shall submit to the director of finance a report that shall be prepared in the form prescribed by the director of finance and shall identify the total amount of funds in the school facilities special fund that will carry over to the next fiscal year. The authority shall submit the report to the director of finance within ninety days of the close of each fiscal year and a copy of the information contained in the report to the director of finance shall be included within the authority's report to the legislature pursuant to section 302A-1707.

(f)Within the school facilities special fund there shall be established accounts and subaccounts as may be necessary from time to time in order to ensure compliance with the Internal Revenue Code, as amended. [L 2020, c 72, pt of §1; am L 2021, c 217, §2; am L 2023, c 175, §4]