§ 45-38.2-2. School building authority capital fund. (a) There is hereby established a school building authority capital fund. The corporation shall establish and set up on its books the fund, to be held in trust and to be administered by the corporation as provided in this chapter. This fund shall be in addition to the annual appropriation for committed expenses related to the repayment of housing aid commitments. The corporation shall deposit the following monies into the fund:

(1) The difference between the annual housing aid appropriation and housing aid commitment amounts appropriated or designated to the corporation by the state for the purposes of the foundation program for school housing; provided that for FY 2019 and FY 2020 that amount shall be used for technical assistance to districts pursuant to § 16-105-3(7);

(2) Loan repayments, bond refinance interest savings, and other payments received by the corporation pursuant to loan or financing agreements with cities, towns, or local education agencies executed in accordance with this chapter;

(3) Investment earnings on amounts credited to the fund;

(4) Proceeds of bonds of the corporation issued in connection with this chapter to the extent required by any trust agreement for such bonds;

(5) Administrative fees levied by the corporation, with respect to financial assistance rendered under this chapter and specified in § 45-38.2-3(a)(4), less operating expenses;

(6) Other amounts required by provisions of this chapter or agreement, or any other law or any trust agreement pertaining to bonds to be credited to the fund; and

(7) Any other funds permitted by law which the corporation in its discretion shall determine to credit thereto.

(b) The corporation shall establish and maintain fiscal controls and accounting procedures conforming to generally accepted government accounting standards sufficient to ensure proper accounting for receipts in and disbursements from the school building authority capital fund.

(c) The school building authority shall establish and maintain internal controls to ensure that local education agencies are providing adequate asset protection plans, all local education agencies have equal access and opportunity to address facility improvements on a priority basis, and to ensure that funding from the school building authority capital fund has the greatest impact on facility gaps in state priority areas. The school building authority will also manage necessity of school construction approvals in accordance with the funding levels set forth by the general assembly.

History of Section. (P.L. 2015, ch. 141, art. 9, § 4; P.L. 2018, ch. 47, art. 9, § 4.)