Annualized Or Lump Sum Distribution — School Modernization Facilities Fund

TITLE 33 EDUCATION CHAPTER 9 SCHOOL FUNDS 33-914. ANNUALIZED OR LUMP SUM DISTRIBUTION — SCHOOL MODERNIZATION FACILITIES FUND. (1) School districts may elect to receive their distribution as a lump sum from the net proceeds of the bonds paid to the state department of education. School districts may alternatively request to receive their distribution in annualized amounts, which shall be subject to the order of priority specified for the school district facilities fund established in section 33-911 , Idaho Code. The state department of education shall establish a process for school districts to elect a lump sum or annualized distribution or a combination thereof in alignment with the dates specified in section 33-911 , Idaho Code. Annualized distributions shall be distributed to school districts no later than August 31 each year, to those school districts electing such distributions prior to that date. (2)  If a school district elects not to receive either an annualized distribution or a lump sum amount or fails to make a selection by July 1, 2025, the amount the school district would have received shall be transferred to the school district facilities fund created in section 33-911 , Idaho Code, for distribution to all schools according to the provisions of section 33-911 , Idaho Code.