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UTAH CODE (Last Updated: January 16, 2015) |
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Title 53A. State System of Public Education |
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Chapter 21. Public Education Capital Outlay Act |
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Part 4. School Building Revolving Account |
§ 53A-21-401. School Building Revolving Account -- Access to the account.
Latest version.
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(2) The State Board of Education 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 of public instruction 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 of public instruction alters the payment schedule to improve a hardship situation; and (d) meet any other condition established by the State Board of Education 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: (i) the recommended amount of the loan; (ii) the payback schedule; and (iii) the interest rate to be charged.