Interest on proceeds of grant money appropriated for approved projects shall be held by the district to pay for project cost overruns, change orders, contract amendments, contractor's claims, or other modifications necessary because of unavoidable or unforeseeable circumstances that are not the result of imprudent management, as determined by the commissioner. If at the completion of the project, any money earned as interest remains, the district shall transfer that amount to a district capital account for school capital projects.

(Eff. 2/8/86, Register 97; am 7/11/86, Register 99; am 12/19/2002, Register 164; am 6/17/2010, Register 194)

Authority: AS 14.07.060, AS 14.11.100, AS 14.11.132