School facilities: cash proceeds.

The Leroy F. Greene School Facilities Act of 1998 provides for the adoption of rules, regulations, and procedures, under the administration of the Director of General Services, for the allocation of state funds by the State Allocation Board for the construction and modernization of public school facilities. Existing regulations establish an "Applications Received Beyond Board Authority List" for projects that are received by the Office of Public School Construction after existing bond authority is exhausted for new construction and modernization applications. This bill would require, if cash proceeds from sources other than bonds are made available by the Legislature, those proceeds to be allocated to projects on the "Applications Received Beyond Bond Authority List" that are reviewed by the Department of General Services and approved by the board.