(a)
- (1) If a school district qualifies for state financial participation under this section, the Division of Public School Academic Facilities and Transportation shall certify the amount of state financial participation to the Commission for Arkansas Public School Academic Facilities and Transportation for oversight purposes.
- (2) The commission shall certify the amount to the Division of Elementary and Secondary Education for payment.
- (b) The amount of the state financial participation under this part is limited to the amount resulting from the application of the academic facilities wealth index to the project cost promulgated by the commission to calculate the cost necessary to bring the academic facility into compliance with the Arkansas Public School Academic Facilities Manual under Arkansas Code § 6-20-2509, plus any incentives awarded pursuant to 6 CAR § 321-109.
- (c) The commission shall certify the amount to the Division of Elementary and Secondary Education for payment, less any withholding or reduction imposed by the commission under Arkansas Code § 6-21-114(d) for a school district’s failure to comply with the commission’s insurance requirements.
- (d) For tracking purposes, the school district shall account for the funds received as state financial participation under this section as restricted funds and shall account for the funds in accordance with provisions of law, including, without limitation, the Arkansas Educational Financial Accounting and Reporting Act of 2004, Arkansas Code § 6-20-2201 et seq., and rules established by the State Board of Education and the commission.