37-47-19 - Withdrawal of funds from public school building fund upon approval of expenditures.
§ 37-47-19. Withdrawal of funds from public school building fund upon approval of expenditures.
Where the expenditure of any funds to which any school district may be entitled has been authorized, as provided in Section 37-47-17, such funds shall be withdrawn from the public school building fund by the commission and deposited in the school depository to the credit of the school district entitled thereto as a special fund to be known as the "Public School Building Fund" of the school district entitled thereto. Such money so deposited shall be paid out and expended in the same manner as may be now or hereafter provided by law for the expenditure of other school funds belonging to such district; however, where the contract for construction of a secondary vocational and technical training center shall have been entered into and awarded by the board of trustees of a junior college district as authorized by Section 37-47-29, the money so deposited in the public school building fund of the school district for which said facility is being constructed may be paid out and expended to pay a part of the cost of construction of such facility.
Sources: Codes, 1942, § 6247-06; Laws, 1953, Ex Sess, ch. 13, § 6; Laws, 1972, ch. 316, § 1; Laws, 1986, ch. 492, § 161, eff from and after July 1, 1987.