Section 1706-E.2 - Sinking fund charges for school building projectsThe following shall apply:
(1) All school districts which submitted completed applications to the department prior to the effective date of this section, and which vote to proceed with construction and awarded bids on their construction contracts no later than July 1, 2021, shall, as permitted by law, either be awarded a one-time capital grant, if available, for the approved project in lieu of approved reimbursement payments or, if not available, shall receive payments in the form of reimbursements.(1.1) All school districts that submitted applications between July 1, 2017, and November 6, 2017, and that vote to proceed with construction and awarded bids on their construction contracts no later than July 1, 2021, shall, as permitted by law, be awarded a one-time capital grant, if available, for the approved project in lieu of approved reimbursement payments or, if not available, shall receive payments in the form of reimbursements. (2) The department shall administer the payments due and payable under this section, and shall determine the amount of the capital grant due each school district which shall not exceed the maximum reimbursable project amount.Amended by P.L. TBD 2018 No. 42, § 21, eff. 6/22/2018.Amended by P.L. TBD 2017 No. 44, § 17, eff. 10/30/2017.Added by P.L. TBD 2016 No. 25, § 15.1, eff. 4/25/2016.