00SPONSOR SUBSTITUTE FOR SENATE BILL NO. 115                                                                              
01 "An Act establishing the educational facilities maintenance and construction fund;                                      
02 and providing for an effective date."                                                                                   
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1.  AS 37.16 is amended by adding a new section to read:                                                   
05  Sec. 37.16.010.  EDUCATIONAL FACILITIES MAINTENANCE AND                                                               
06 CONSTRUCTION FUND.  (a)  The educational facilities maintenance and                                                     
07 construction fund is established as a separate fund in the general fund.  The fund                                      
08 consists of all money appropriated to it.                                                                               
09  (b)  The educational facilities maintenance and construction fund shall be                                            
10 invested by the Department of Revenue so as to yield competitive market rates, as                                       
11 provided in AS 37.10.071.  Money in the fund may be appropriated                                                        
12   (1)  to finance the design, construction, and maintenance of public                                                  
13 school capital projects; and                                                                                            
14   (2)  for maintenance of University of Alaska capital projects.                                                       

01    * Sec. 2.  This Act takes effect July 1, 1993.