- (a) If a school district qualifies for state financial participation under this part, the Division of Public School Academic Facilities and Transportation shall, within thirty (30) calendar days of approval, certify the amount of the state financial participation to the Commission for Arkansas Public School Academic Facilities and Transportation for oversight purposes and the commission shall, within thirty (30) calendar days of the receipt of the written notice of certification, certify the amount to the Department of Education.
- (b) School districts shall track and account for the catastrophic funds received as state financial participation under this part as restricted funds and shall account for the funds in accordance with provisions of law, including but not limited to, the Arkansas Educational Financial Accounting and Reporting Act of 2004, Arkansas Code § 6-20-2201 et seq., and rules established by the Arkansas State Board of Education and the commission.
- (c) Approved school districts shall make every effort to conform a catastrophic project to current academic facilities standards, including appropriate space utilization requirements, unless the division determines it is impractical to conform the catastrophic project to current standards.
- (d) School districts shall use state financial participation funds in an Academic Facilities Catastrophic Program to pay only for the cost of that portion of a catastrophic project that is not covered by insurance or other public or private emergency assistance received by or payable to the school district.
- (e) School districts shall comply with all local, state, and federal laws and rules related to construction, repair, or renovation projects including, but not limited to, bidding laws and rules.
(f)
- (1) The amount of state financial participation shall not exceed the amount resulting from the application of the academic facilities wealth index to the cost necessary to bring the academic facility into compliance with the Arkansas Public School Academic Facility Manual, 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, including without limitation the failure to carry replacement cost coverage, if applicable, on all buildings and facilities.
- (2) State financial participation for any approved catastrophic project will be calculated using the most current wealth index applicable to the school district at the time the application was approved.