(1) There is hereby created a State Educational Finance Commission. For the purposes of this chapter, the term “commission” shall be construed to mean “State Educational Finance Commission.”
(2) From and after July 1, 1988, the State Educational Finance Commission shall be abolished, and all duties and responsibilities thereof shall be transferred to the State Board of Education. All records, property, unexpended balances of appropriations, allocations or other funds of the commission shall be transferred to the State Department of Education. All references in the laws of this state to the “State Educational Finance Commission” or to the “commission,” when referring to the Educational Finance Commission, shall be construed to mean the State Department of Education.
(3) In order to provide for an orderly transition in assuming the duties and responsibilities of the State Educational Finance Commission, the State Board of Education shall develop a plan of transition and shall report such plan to the Legislature on or before January 1, 1987.
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