20-9-516. (Temporary) School facility and technology account. (1) There is a school facility and technology account in the state special revenue fund provided for in 17-2-102. Subject to legislative fund transfer, the purpose of the account is to provide, contingent on appropriation from the legislature, funding for the following in priority order:
(a) school technology purposes as provided in 20-9-534; and
(b) state debt service assistance as provided in 20-9-371.
(2) There must be deposited in the account:
(a) an amount of money equal to the income attributable to the difference between the average sale value of 18 million board feet and the total income produced from the annual timber harvest on common school trust lands during the fiscal year; and
(b) the income received from certain lands and riverbeds as provided in 17-3-1003(5).
(3) For the biennium beginning July 1, 2017, no payments may be distributed as authorized under subsection (1)(b). Transfers required by section 1, Chapter 6, Special Laws of November 2017, must be completed prior to any transfers authorized under subsection (4).
(4) If in any fiscal year the amount of revenue in the school facility and technology account is sufficient to fund debt service assistance without a proration reduction pursuant to 20-9-346(2)(b) and if in that same fiscal year the amount of revenue available in the school major maintenance aid account established in 20-9-525 will result in a proration reduction in school major maintenance aid pursuant to 20-9-525(5) for that fiscal year, the state treasurer shall transfer any excess funds in the school facility and technology account to the school major maintenance aid account not to exceed the amount required to avoid a proration reduction. (Terminates June 30, 2019--sec. 28, Ch. 6, Sp. L. November 2017.)