School Building Revolving Account -- Access to the account.
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(1)
(a) There is created within the Uniform School Fund a restricted account known as the "School Building Revolving Account" to provide short-term help to school districts to meet district needs for school building construction and renovation.
(b) The state superintendent shall administer the School Building Revolving Account in accordance with Chapter 3, State Funding -- Capital Outlay Programs, and rules adopted by the state board.
(2) The state board may not allocate funds from the School Building Revolving Account that exceed a school district's bonding limit minus its outstanding bonds.
(3) In order to receive money from the School Building Revolving Account, a school district shall:
(a) levy a combined capital levy rate of at least .0024;
(b) contract with the state superintendent to repay the money, with interest at a rate established by the state superintendent, within five years of receipt, using future state capital outlay allocations, local revenues, or both;
(c) levy sufficient ad valorem taxes under Section 11-14-310 to guarantee annual loan repayments, unless the state superintendent alters the payment schedule to improve a hardship situation; and
(d) meet any other condition established by the state board pertinent to the loan.
(4)
(a) The state superintendent shall establish a committee, including representatives from state and local education entities, to:
(i) review requests by school districts for loans under this section; and
(ii) make recommendations regarding approval or disapproval of the loan applications to the state superintendent.
(b) If the committee recommends approval of a loan application under Subsection (4)(a)(ii), the committee's recommendation shall include: