(a) Prior to the convening of regular sessions of the General Assembly, each state agency, department, or institution shall submit a proposed capital expenditures request which shall:

(1) Identify each public works construction project proposed to be constructed or obligated by construction contract by the governmental body during the next biennial period of the state;

(2) Indicate a method of financing the construction through state appropriation, federal grants, revenue bonds, or revenue notes provided by law, the use of agency or institutional receipts, the use of donated funds from private sources, or a combination of one (1) or more such sources; and

(3) Be accompanied by estimates of the cost of maintaining and operating the capital improvement facility once constructed.

(b) After appropriate hearings and review, the General Assembly shall designate each proposed capital expenditure for construction which has been approved and the method of financing the proposed capital expenditure.

(c) Proposed capital expenditure projects shall not be undertaken until approved by the General Assembly.

(d)

(1) In unusual circumstances between sessions of the General Assembly, a state agency, department, or institution which needs to make a capital expenditure in excess of two hundred fifty thousand dollars ($250,000), which has not been approved by the General Assembly, may submit a request for the expenditure to the Chief Fiscal Officer of the State, who shall review the request and submit his or her recommendation for the method of finance for the expenditure to the Legislative Council for its advice and recommendation.

(2) Upon obtaining the advice and recommendation of the Legislative Council, the state agency, department, or institution is authorized to proceed with the capital expenditure, subject to the provisions of the General Accounting and Budgetary Procedures Law, § 19-4-101 et seq., and other fiscal laws of the state.

(e) As used in this section, "public works construction project" means the purchase or construction of all lands, buildings, structures, utility systems, and similar facilities for the use of the governmental body filing the request but shall not include projects involving less than two hundred fifty thousand dollars ($250,000).

(f) Nothing in this section shall apply to public school districts.