(1) There is hereby created in the State Treasury a special fund to be designated as the “Community College Repair and Renovation Fund” which shall consist of monies appropriated or otherwise made available therefor by the Legislature. Within the special fund, the State Treasury shall establish a subaccount for each community and junior college. Interest earned on monies in the special fund shall be deposited to the credit of such fund and money shall not lapse at the end of the fiscal year into the State General Fund. Money in the special fund shall be appropriated by the Legislature and allocated by the Bureau of Building, Grounds and Real Property Management, Department of Finance and Administration, for the repair, renovation and improvement of existing facilities owned by the community and junior colleges, including utility infrastructure projects; heating, ventilation and air conditioning systems; and the replacement of furniture and equipment. However, the cost of such repair, renovation and improvement for any one (1) project shall not exceed One Million Dollars ($1,000,000.00).

(2) Monies in the special fund shall be allocated to each community college’s subaccount as follows:

(a) One-half (½) divided equally among the fifteen (15) public community and junior colleges; and

(b) One-half (½) divided upon the basis of the number of full-time academic, technical and vocational public community and junior college students actually enrolled and in attendance on the last day of the sixth week of the fall semester of the preceding year counting only those students who reside within the State of Mississippi. On or before December 1 of each year, the Mississippi Community College Board shall furnish the Bureau of Building, Grounds and Real Property Management, Department of Finance and Administration, the enrollment information required in this paragraph (b), including the percentage of statewide enrollment attributed to each community and junior college.

(3) For the purposes of this section, the term “furniture and equipment” shall be limited to the types of furniture and equipment items previously recorded in the community college’s inventory.