Current through Register Vol. XLI, No. 50, December 13, 2024
Section 164-2-5 - Utilization of Funds - Authorized Expenditures5.1. Bond Retirement.5.1.A. With approval of the funding agency, SBA funds may be dedicated to the payment of local bonds that were used for the purposes defined in an approved facility plan.5.1.B. With SBA approval, state funds may be used for the repayment of local bonds issued by the Authority for the benefit of the county but are in addition to bond monies made available by the Authority.5.1.B.1. Construction Costs. SBA funds may be used for capital improvement projects including new construction, additions or renovations to existing facilities, provided, such project meet the SBA guidelines and are approved by the SBA. Allowable costs of construction will be reviewed and approved annually by the Authority on or before the June Quarterly meeting. SBA funds cannot be transferred from one project to another.5.1.B.2. Major Improvement Funds. MIP Grants awarded to an agency for projects from their MIP must be for projects of at least $50,000 but not exceeding $500,000. It is intended that each county's routine maintenance budget be responsible for general repairs and upkeep of school facilities. Projects designed to supplant these county funds will not be considered as fundable from the major improvement fund.