§ 4-31-1102 — Program provisions

Any program established by the authority pursuant to this part may include such provisions as may be agreed upon by the parties and shall additionally include, among other things, in substance, the following: (1) The structural requirements of the education debt issued by the LGU, including payment dates, maturity schedule, interest rates, and paying agent; (2) The coverage requirement for the available local capital outlay funds, provided that the maximum annual debt service on the education debt can be no greater than the available local capital outlay funds in the prior fiscal year divided by 1.25; (3) A description and estimated costs of the education project; and (4) An agreement by the LGU and the LEA to: (A) Proceed expeditiously with, and use its best efforts to complete, the education project; (B) Commence operation of the education project as soon as possible after completion, and not to use the education project for any purpose not approved pursuant to this part, and not to discontinue operations or dispose of the education project without the prior approval of the authority and the department of education; (C) Operate and maintain the project in accordance with applicable provisions of this part and rules and regulations of the department of education; (D) Assign or pledge available local capital outlay funds; and (E) Cause to be made an annual audit of the financial records of the LEA each fiscal year in accordance with generally accepted government auditing standards, and to furnish a copy of each such audit to the comptroller of the treasury.

Legislative History

Acts 2005, ch. 211, § 1.