SB473:

School Construction Fund and Program; created and established.

Bill Summary:

Department of Education; School Construction
Fund and Program; Gaming Proceeds Fund revenues. Establishes
the School Construction Fund as a special nonreverting fund in the
state treasury and requires the Department of Education to establish
the School Construction Program for the purpose of providing grants
from the Fund, subject to certain conditions, to school boards that
leverage federal, state, and local programs and resources to finance
the design and construction of new school buildings and facilities
or the modernization and maintenance of existing school buildings
and facilities. The bill provides that three percent of any fiscal
year's budget surplus shall be appropriated to the School Construction
Fund and Program. The bill also provides that any remaining revenues
not appropriated by the Gaming Proceeds Fund shall be appropriated
to the School Construction Fund and Program. Under current law, any
remaining revenues in the Gaming Proceeds Fund not appropriated remain
in the Fund until appropriated by the General Assembly for programs
established to address public school construction, renovations, or
upgrades.