(a) Except as provided in Section 29-9-3 and in subdivision (b), amounts in the Education Trust Fund Budget Stabilization Fund may be withdrawn only to prevent proration in the Education Trust Fund. The Governor must certify to the state Comptroller and notify the Legislature that proration would occur in the Education Trust Fund before funds may be withdrawn to prevent proration. Following the certification and notification by the Governor, withdrawals may be made from the Education Trust Fund Budget Stabilization Fund to prevent proration; however, the withdrawals shall be limited to the amount of the anticipated proration and funds allotted only to the extent necessary to avoid proration of appropriations from the Education Trust Fund. Any funds withdrawn from the Budget Stabilization Fund in excess of the amount necessary to avoid proration shall be transferred back to the Budget Stabilization Fund within 30 days after the end of the fiscal year in which withdrawals are made.

(b) Amounts in the Education Trust Fund Budget Stabilization Fund may be withdrawn upon certification by the Governor that a natural disaster for which the Governor declared a state of emergency caused damage to public schools or institutions of higher education or both and funds are needed to provide emergency temporary funding for repairs of the damages. The Governor must certify to the state Comptroller and notify the Legislature the amount of funds needed for emergency repairs before funds may be withdrawn and distributed to the impacted public school or institution of higher education. In certifying the amount of funds needed for emergency repairs, the Governor shall take into account any emergency funding provided to the impacted public school or institution of higher education by an insurance provider, including, but not limited to, the State Insurance Fund. Following the certification and notification by the Governor, withdrawals may be made from the Education Trust Fund Budget Stabilization Fund; however, withdrawals shall be limited to the amount necessary to provide emergency repairs and shall not exceed a total of 10 percent of the current balance of the fund, and at no time shall more than 10 percent of the total cumulative amount of revenues distributed to the Budget Stabilization Fund be outstanding. Any funds withdrawn from the Budget Stabilization Fund pursuant to this subsection must be repaid by the public school or institution of higher education receiving the funds as expeditiously as possible, but no later than the conclusion of the second fiscal year of the state following withdrawal. The repayment shall be made from the first insurance settlement proceeds received by the public school or institution of higher education; provided, however, that if the insurance settlement proceeds received are less than the emergency repair funding received by the public school or institution of higher education, then the remaining repayment shall be made from any other funds available to the public school or institution of higher education. Any public school or institution of higher education that receives emergency repair funding pursuant to this subsection and fails to repay the amount received within the two-year period shall be ineligible to receive any additional emergency repair funding pursuant to this subsection or any appropriations from the Education Trust Fund Advancement and Technology Fund until such time as the funds are repaid. Any amount not repaid within the two-year period shall accrue interest at the rate of 8 percent annually until the total amount, including accrued interest, is fully repaid.