School Modernization Facilities Fund

TITLE 33 EDUCATION CHAPTER 9 SCHOOL FUNDS 33-912. SCHOOL MODERNIZATION Facilities FUND. (1) There is hereby created in the state treasury the school modernization facilities fund. The fund shall consist of moneys provided pursuant to section 63-3638 (19), Idaho Code. (2)  Moneys in the fund are hereby continuously appropriated solely for the purpose of making annualized distributions to school districts electing to receive distributions and for paying the principal, interest, and other amounts required for education bonds issued by the Idaho state building authority for the state department of education in accordance with the provisions of this chapter. (3)  Moneys in the fund shall be paid by the state department of education to districts electing annual distributions and to the Idaho state building authority as required for annual debt service and other expenses relating to the bonds issued pursuant to section 33-913 , Idaho Code. (4)  The state treasurer shall invest the idle moneys of the school modernization facilities fund, and the interest earned on such investment shall be retained by the school modernization facilities fund.