20-9-517. State school oil and natural gas impact account. (1) There is a state school oil and natural gas impact account in the state special revenue fund provided for in 17-2-102. The purpose of the account is to provide money to schools that are not receiving oil and natural gas production taxes under 15-36-331 in an amount sufficient to address oil and natural gas development impacts.
(2) A school district may apply to the superintendent of public instruction for funds from the account for circumstances that are directly related to impacts resulting from the development or cessation of development of oil and natural gas as follows:
(b) an unusual enrollment decrease;
(c) higher rates of student mobility;
(d) a district's need to hire new teachers or staff as a result of increased enrollment;
(f) major maintenance for a school or district.
(3) In reviewing an applicant's request for funding, the superintendent of public instruction shall consider the following:
(a) the local district's or school's need;
(b) the severity of the energy development impacts;
(c) availability of funds in the account; and
(d) the applicant district's ability to meet the needs identified in subsection (3).
(4) The superintendent of public instruction shall adopt rules necessary to implement the application and distribution process.
(5) The amount in the account may not exceed $7.5 million. Any amount over $7.5 million must be deposited in the guarantee account and distributed in the same manner as provided in 20-9-622(2).