Section 601 – Small School District Capital Projects Fund.

• (1) As used in this section:
  • (a) “Capital development project” means the same as that term is defined in Section 63A-5b-401.
  • (b) “Fund” means the Small School District Capital Projects Fund created in this section.

• (2)
  • (a) There is created a capital projects fund known as the Small School District Capital Projects Fund.
  • (b) Subject to legislative appropriations, and except as provided in Subsection (4), money in the fund shall be used for a capital development project in accordance with this section and Title 53F, Chapter 10, State Funding — Capital Projects.
  • (c) The fund shall:
    • (i) be funded by:
      • (A) one-time appropriations; and
      • (B) repayment and interest on loans described in Section 53F-10-302; and
    • (ii) accrue interest, which shall be deposited into the fund.

• (3) The state board shall authorize disbursements from the fund.

• (4) The state board shall administer the fund in accordance with this section.

Enacted by Chapter 407, 2022 General Session