Rhode Island General Laws Title 45. Towns and Cities § 45-38.2-2. School building authority capital fund

(a) There is hereby established a school building authority capital fund. The corporation shall establish and set up on its books the fund, to be held in trust and to be administered by the corporation as provided in this chapter. This fund shall be in addition to the annual appropriation for committed expenses related to the repayment of housing aid commitments. The corporation shall deposit the following monies into the fund:

(b) The corporation shall establish and maintain fiscal controls and accounting procedures conforming to generally accepted government accounting standards sufficient to ensure proper accounting for receipts in and disbursements from the school building authority capital fund.

(c) The school building authority shall establish and maintain internal controls to ensure that local education agencies are providing adequate asset protection plans, all local education agencies have equal access and opportunity to address facility improvements on a priority basis, and to ensure that funding from the school building authority capital fund has the greatest impact on facility gaps in state priority areas. The school building authority will also manage necessity of school construction approvals in accordance with the funding levels set forth by the general assembly.