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(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.
SECTION 11. This article shall take effect upon passage, except sections 3, 4, 5, and 6
which shall be effective July 1, 2026 and except Section 10 which shall take effect retroactively as
of July 1, 2025.
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art.008/4/008/3/008/2/008/1
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