A. If required to do so as a prerequisite to the receipt of federal funds for a building project, the board of education of a technology center school district may establish a special account to be used for payment of the cost of the building project. Federal and state funds received for the building project may be deposited in the special account. Monies from the following sources, if available for the payment of the cost of the building project, may also be deposited in the special account: bond issues, levies for a building fund under Section 10 of Article X, Oklahoma Constitution and appropriations for capital outlay in the general fund of the district.

B. The board of education shall estimate the total amount to be deposited in or transferred to the aforesaid building project account, and may issue warrants against the account for the payment of the cost of the building project. The total amount of such warrants shall not exceed the estimate of the board of education of the total amount to be deposited in or transferred to the account. If there shall be an insufficient amount in the building project account to pay a warrant, the warrant shall bear interest at a rate to be fixed by the board of education, not to exceed six percent (6%) per annum, from the date of issuance until paid.

C. For the purposes of this section, the cost of a building project shall include expenditures for sites, for the construction of buildings, and for equipment, furniture and fixtures.

D. The State Board of Career and Technology Education shall adopt such rules as it deems necessary to make the provisions of this section effective.

Added by Laws 1971, c. 281, § 14-109, eff. July 2, 1971. Amended by Laws 2001, c. 33, § 99, eff. July 1, 2001.