Public school construction and inspection cash fund - created - limit on uncommitted reserves - definitions

(1) The public school construction and inspection cash fund is created in the state treasury. All money collected by the division pursuant to sections 22-32-124 (2), 23-71-122 (1)(v), and 24-33.5-1213.3 shall be transmitted to the state treasurer, who shall credit the same to the fund. All money credited to the fund and all interest earned on the money in the fund are subject to annual appropriation by the general assembly for paying the expenses of the public school construction and inspection program. Any unexpended and unencumbered money remaining in the fund at the end of a fiscal year remains in the fund and shall not be credited or transferred to the general fund or another fund. (2) (a) The fund is excluded from the limitations specified in section 24-75-402. (b) If, for each of three consecutive fiscal years, the uncommitted reserves of the fund at the conclusion of a fiscal year exceed the maximum reserve for that fiscal year, the division shall reduce the amount of one or more of the fees credited to the fund to an amount calculated to result in an amount of uncommitted reserves of the fund for the current fiscal year that does not exceed the maximum reserve. If the division reduces the amount of a fee pursuant to this section, the division may subsequently raise the amount of the fee so long as doing so would not cause the projected amount of uncommitted reserves of the fund to exceed the maximum reserve. (3) As used in this section, unless the context otherwise requires: (a) "Fund" means the public school construction and inspection cash fund created in this section. (b) "Maximum reserve" has the meaning set forth in section 24-75-402 (2). (c) "Uncommitted reserves" has the meaning set forth in section 24-75-402 (2).