(a) The regional educational attendance area and small municipal school district school fund is created as an account in the general fund to be used, in addition to other funding sources, to fund projects approved under AS 14.11.025 for the costs of school construction and major maintenance in regional educational attendance areas and small municipal school districts. The primary function of the fund is to fund school construction projects.
(b) Legislative appropriations, including appropriations of interest earned on the fund, shall be deposited in the fund established under this section. The unobligated and unexpended cash balance of the fund may not exceed $70,000,000.
(c) Money appropriated to the fund does not lapse except to the extent money in the fund exceeds the maximum fund balance specified in (b) of this section.
(d) In this section, “small municipal school district” has the meaning given in AS 14.11.025.