20-9-380. School facilities fund -- school major maintenance aid special revenue account. (1) There is a school facilities fund administered by the department of administration. Pursuant to 17-5-703, a percentage of coal severance taxes received by the state must be deposited into this fund. Earnings not transferred to the school major maintenance aid account as provided in subsection (2) must be retained in the school facilities fund.
(2) The school major maintenance aid account established in 20-9-525 receives earnings from the school facilities fund as provided in 17-5-703.
(3) A school district that receives funds from the school major maintenance aid account shall, within 30 days of receiving the funds, file with the office of the superintendent of public instruction a document acknowledging it has received funds from the coal severance tax trust fund.
History: En. Sec. 1, Ch. 377, L. 2017; amd. Sec. 3, Ch. 259, L. 2017.