(1) The general assembly hereby finds and declares that a small number of school districts have entered into financing arrangements which contemplate that moneys in the districts' bond redemption fund may be used, or that a levy for the bond redemption fund may be made, to pay for capital projects which have not been authorized by the voters of the districts. In light of the long-standing view that the bond redemption fund is reserved for voter-approved projects, the general assembly finds that such financing arrangements are not in the interests of school district taxpayers and declares that its intent in enacting section 22-45-103 (1)(b) is to assure that such arrangements will not be entered into in the future.
(2) In recognition of the fact that some school districts have entered into financing arrangements which may not comply with the provisions of section 22-45-103 (1)(b), the general assembly declares that nothing in said section or in any other law shall be construed to impair any contract in existence on May 31, 1985, if said contract was validly entered into under the statutes in force at the time of entering said contract. Nothing in this section or in section 22-45-103 (1)(b) shall be construed to validate or to invalidate any financial arrangement entered into prior to May 31, 1985.
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