(A) Following the execution and delivery of its obligations, the commission shall remit to the State Treasurer all its revenues, including accumulated revenues not applicable to prior obligations, for credit to a special fund. The special fund must be applied to meet the sums due by the commission under its obligations. These monies from the special fund must be applied by the State Treasurer to the payment of the principal of and interest on outstanding state capital improvement bonds.
(B) If the accumulation of revenues of the commission in the special fund exceeds the payment due or to become due during the then current fiscal year and an additional sum equal to the maximum annual debt service requirement of the obligations for a succeeding fiscal year, the State Fiscal Accountability Authority or the Department of Administration, as applicable, may permit the commission to withdraw the excess and apply it to improvements that have received the approval of the authority or department, as applicable, or to transfer the excess out of the special fund for contract awards to local disabilities and special needs boards for needed improvements at the local level and for nonrecurring prevention, assistive technology, and quality initiatives at the regional centers and local boards.
HISTORY: 1990 Act No. 496, Section 1; 1993 Act No. 164, Part II, Section 3; 1993 Act No. 181, Section 1078; 1994 Act No. 497, Part II, Section 5; 2011 Act No. 47, Section 2, eff June 7, 2011.