The State Board of Education, by resolution, shall notify the State Budget and Control Board 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 Budget and Control Board by March first of each year.

HISTORY: 1999 Act No. 28, Section 1.