The Advanced Planning and Real Property Acquisition Fund authorized by Title 29 and administered by the Budget Commission may be used for the acquisition of school sites in anticipation of the need for construction of new school buildings. From this Fund the Department of Education may purchase in the name of the State upon request from a school district any needed school site or option to purchase such a site. The Department shall make no payments to any school district from the Fund unless either the acquisition of a school site and the approximate cost of the proposed new construction thereon have first been approved by a referendum held among the voters in the school district concerned or, in the event that such a referendum has not been approved, upon presentation from the school district that it otherwise has available sufficient funds to meet local share requirements, as the term “local share” is defined in Chapter 75 of Title 29, of the school district concerned necessary for the school construction project. In the event land is purchased within a school district and no school construction is started thereon within 5 years of such purchase or in the event plans to use the site are abandoned, then the Department of Education may sell the land at a public sale and shall repay the Advanced Planning and Real Property Acquisition Fund and deposit any excess receipts in the General Fund of the State.
When the school district within which such a site has been purchased has sold bonds and deposited construction funds with the State Treasurer in compliance with any school construction act, or when, in the event of construction based entirely upon state funds, the Treasurer has in the Treasurer's command construction funds for such site the Board of Education of the district shall present to the appropriate authorities an invoice against such construction funds of that district payable to the Department of Education for deposit in the Fund and the funds used to purchase the site shall be returned to the Fund.