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(1) As used in this section:
(a) "Cost of the basic program" means the cost of the programs described in Title 53F, Chapter 2, Part 3, Basic Program (Weighted Pupil Units) in a school district.
(b) "Low-revenue year" means a fiscal year for which the Legislature appropriates ongoing funding from the Public Education Economic Stabilization Restricted Account under Subsection 53F-9-204(3)(b).
(2) Subject to the other requirements of this section, a local school board may levy a tax to fund the school district's:
(a) capital projects;
(b) technology programs or projects; or
(c) subject to Subsection (4), operational expenses for a low-revenue year.
(3) A tax rate imposed by a school district pursuant to this section may not exceed .0030 per dollar of taxable value in any calendar year.
(4) Except as provided in Subsection (6), for a low-revenue year, a local school board may transfer an amount of revenue from the school district's capital project fund to the school district's general fund for the local school board's school district for operational expenses in an amount equal to:
(a) for a local school board in a county of the first, second, or third class, revenue generated by up to .0002 per dollar of taxable value of the capital local levy; or
(b) for a local school board in a county of the fourth, fifth, or sixth class, up to the lesser of:
(i) 10% of the cost of the basic program; or
(ii) 25% of the revenue that the school district's capital local levy generates.
(5) The state board shall notify local school boards, school district superintendents, and business administrators in the event of a low-revenue year.
(6)
(a) For the fiscal years beginning on July 1, 2020, and July 1, 2021, a local school board may transfer revenue derived from a levy under this section from the school district's capital project fund to the school district's general fund for the local school board's school district for operational expenses.
(b) If a local school board transfers revenue for operational expenses under Subsection (6)(a), the local school board shall, in a public meeting:
(i) notify the public of the local school board's transfer of the funds for operational expenses, including describing how the local school board proposes to use the funds;
(ii) for the fiscal year beginning July 1, 2021, allow an opportunity for public comment during the board's budget hearing in accordance with the notice and hearing requirements described in Section 53G-7-303; and
(iii) approve the proposed use of the funds by majority vote of the local school board.