The State Board of Education, by resolution, shall notify the State Fiscal Accountability Authority of the following:

1. (1) the amount then required for allocation to local school districts for school facilities for the next fiscal year;
2. (2) a tentative time schedule setting forth the period of time during which the sum requested will be expended;
3. (3) a debt service table showing the annual principal and interest requirements for all state school facilities bonds then outstanding; and

4. (4) the total amount of all state school facilities bonds issued.

   This notification shall be presented to the State Fiscal Accountability Authority by March first of each year.

HISTORY: 1999 Act No. 28, Section 1.

Code Commissioner's Note

At the direction of the Code Commissioner, references in this section to the offices of the former State Budget and Control Board, Office of the Governor, or other agencies, were changed to reflect the transfer of them to the Department of Administration or other entities, pursuant to the directive of the South Carolina Restructuring Act, 2014 Act No. 121, Section 5(D)(1), effective July 1, 2015.