[§171C-21]  School facilities special fund.  (a)  There is established a school facilities special fund into which shall be deposited all proceeds from leases, permits, interest income generated from public school lands and facilities, and other revenue generated from the non-permanent disposition of public school lands and facilities under this chapter, less the following:

     (1)  The principal and interest on bonds issued pursuant to this chapter for projects on public school lands or utilizing public school facilities;

     (2)  The cost of administering, operating, and maintaining projects on public school lands or utilizing public school facilities, not to exceed fifteen per cent of the sums collected, net of principal and interest payments on bonds; and

     (3)  Other sums that may be necessary for the issuance of bonds under this chapter.

     (b)  The school facilities special fund shall be administered by the department of education in consultation with the board of education.  Except as otherwise provided, all moneys in the school facilities special fund shall be used exclusively for the new construction and upgrade of twenty-first century school facilities, and the retrofit and upgrade of existing school facilities to meet twenty-first century school standards. [L 2012, c 309, §1]