SB323 Summary

• Allows the Education Trust Fund Budget Stabilization Fund to be withdrawn for emergency temporary repairs when a natural disaster declared by the Governor causes damage to public schools and institutions of higher education.

• Emergency withdrawals from the Budget Stabilization Fund are limited to 10% of the current fund balance and require Governor certification to the state Comptroller and Legislature before distribution.

• Recipients of emergency disaster funding must repay withdrawn amounts within two years, with repayment made first from insurance settlement proceeds and then from other available funds.

• Authorizes the Education Trust Fund Advancement and Technology Fund to be used for school security measures, in addition to existing uses for facility repairs, maintenance, transportation, and education technology.

• Schools and institutions that fail to repay emergency disaster funding within two years become ineligible for additional emergency repairs or Advancement and Technology Fund appropriations until repayment is made; unpaid amounts accrue 8% annual interest.