The proposed bill would update current statutes by continuing the School Facilities Oversight Board (SFOB) for an additional five years, extending its termination date to July 1, 2030. It also introduces new provisions regarding the conditions under which the SFOB may be repealed on January 1, 2031, specifically if there are no outstanding state school facilities revenue bonds or lease-to-own transactions. Additionally, the bill mandates that SFOB employees disclose any interests in contracts or transactions related to the board, and it requires the SFOB to determine and maintain records of substantial interests disclosed by its employees.

Furthermore, the bill removes the SFOB Director's authority to expedite funding requests for projects lacking local match funding and clarifies the board's ability to direct the Division to transfer funds between the Emergency Deficiencies Correction Fund and the New School Facilities Fund. It also repeals existing statutes that are no longer applicable, such as the authorization for expedited funding requests, and makes various technical and conforming changes to ensure consistency with the new provisions. Overall, these updates aim to enhance transparency and accountability within the SFOB while ensuring its continued operation.

Statutes affected:
Introduced Version: 41-3025.07, 41-3027.09
Senate Engrossed Version: 41-3025.07, 41-3030.17, 41-5702, 41-5703, 41-5704, 41-5705