US Laws, Codes, Statutes & Cases

§ 3318.12. Transfer and disbursement of funds.
 

(A)  The Ohio school facilities commission shall cause to be transferred to the school district's project construction fund the necessary amounts from amounts appropriated by the general assembly and set aside for such purpose, from time to time as may be necessary to pay obligations chargeable to such fund when due. All investment earnings of a school district's project construction fund shall be credited to the fund. 

(B)  The treasurer of the school district board shall disburse funds from the school district's project construction fund, including investment earnings credited to the fund, only upon the approval of the commission or the commission's designated representative. The commission or the commission's designated representative shall issue vouchers against such fund, in such amounts, and at such times as required by the contracts for construction of the project. 

(C)  After the project has been completed: 

(1) Any investment earnings remaining in the project construction fund that are attributable to the school district's contribution to the fund shall be transferred to the district's maintenance fund required by division (B) of section 3318.05 or section 3318.43 of the Revised Code, and the money shall be used solely for maintaining the classroom facilities included in the project. 

(2) Any investment earnings remaining in the project construction fund that are attributable to the state's contribution to the fund shall be transferred to the commission for expenditure pursuant to sections 3318.01 to 3318.20 or sections 3318.40 to 3318.45 of the Revised Code. 

(3) Any other surplus remaining in the school district's project construction fund after the project has been completed shall be transferred to the commission and the school district board in proportion to their respective contributions to the fund. The commission shall use the money transferred to it under this division for expenditure pursuant to sections 3318.01 to 3318.20 or sections 3318.40 to 3318.45 of the Revised Code. 

(D)  Pursuant to appropriations of the general assembly, any moneys transferred to the commission under division (C)(2) or (3) of this section from a project construction fund for a project under sections 3318.40 to 3318.45 of the Revised Code may be used for future expenditures for projects under sections 3318.40 to 3318.45 of the Revised Code, notwithstanding the two per cent annual limit specified in division (B) of section 3318.40 of the Revised Code. 
 

HISTORY: 127 v 396 (Eff 6-22-57); 128 v 508 (Eff 8-5-59); 138 v H 44 (Eff 1-16-80); 147 v S 102 (Eff 5-20-97); 147 v H 650 (Eff 7-1-98); 147 v H 850 (Eff 3-18-99); 149 v H 675. Eff 3-14-2003.