The State Board of Education, by resolution, shall notify the State Budget and Control Board of the following:
- (1) the amount then required for allocation to local school districts for school facilities for the next fiscal year;
- (2) a tentative time schedule setting forth the period of time during which the sum requested will be expended;
- (3) a debt service table showing the annual principal and interest requirements for all state school facilities bonds then outstanding; and
(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.