The bill amends the Arkansas Code regarding the Academic Facilities Partnership Program, specifically focusing on the calculation of state financial participation for public school new construction projects. It establishes that the amount of state financial participation shall be determined by applying the academic facilities wealth index to the project cost, with a maximum limit set at two hundred eighty-nine dollars ($289) per square foot. This replaces the previous limitation on the amount of state financial participation.

Additionally, the bill mandates the Division of Public School Academic Facilities and Transportation to establish funding factors for determining the basic project cost per square foot for various types of new construction, including new academic facilities, additions, and major improvements. These funding factors will be updated annually and will exclude the costs of local enhancements from the qualified project cost. The division is also required to consider various factors such as academic programs, enrollment levels, and nationally recognized design standards when establishing these funding factors.

Statutes affected:
Old version HB1254 Original - 1-25-2023 02:44 PM: 6-20-2507(f)
Old version HB1254 V2 - 2-8-2023 09:23 AM: 6-20-2507(f)
Old version HB1254 V3 - 3-29-2023 04:44 PM: 6-20-2507(f)
HB 1254: 6-20-2507(f)