Iowa Administrative Code › Agency 281 - Education Department › Title XVI - School Facilities › Chapter 98 - Supplementary Weighting › Rule 281-98.69 - Capital Projects Fund

Current through Register Vol. 47, No. 3, July 24, 2024
Capital projects funds are used to account for financial
				  resources to acquire or construct major capital facilities and to account for
				  revenues from the state sales and services tax for school infrastructure.
				  Boards of directors of school districts are authorized to establish more than
				  one capital projects fund as necessary.
(1)
Sources of revenue in the capital
				projects fund.
Sources of revenue in a capital projects fund include
				sale of general obligation bonds, grants and donations for capital facility
				projects, and transfers from other funds that authorized indebtedness for
				capital facility projects or that initiated a capital facility project or that
				received grants or other funding for capital projects, and tax receipts or
				revenue bonds issued for the state sales and services tax for school
				infrastructure. In the case of an area education agency, transfers from the
				general fund to a capital projects fund are limited to payments from proceeds
				accounted for in the general fund when payments are due on a capital project
				under a lease-purchase agreement pursuant to Iowa Code section
				273.3(7).
(2)
Appropriate
				uses of the capital projects fund.
a. Appropriate expenditures in a capital
				projects fund, excluding state/local option sales and services tax for school
				infrastructure fund, include the following:
(1) Purchasing, constructing, furnishing,
				equipping, reconstructing, repairing, improving, or remodeling a schoolhouse or
				schoolhouses and additions thereto, gymnasium, stadium, field house, school bus
				garage, or teachers' or superintendents' home(s). Prior to approving the use of
				revenues for an athletic facility infrastructure project within the scope of
				the school district's approved revenue purpose statement, the board of
				directors shall adopt a resolution setting forth the proposal for the athletic
				facility infrastructure project and hold an additional public hearing on the
				issue of construction of the athletic facility as stipulated in Iowa Code
				section 423F.3(7).
(2) Procuring a site, or purchasing land to
				add to a site already owned, or procuring and improving a site for an athletic
				field, or improving a site already owned for an athletic field.
(3) Transferring to the PPEL fund or debt
				service fund by board resolution any balance remaining in a capital projects
				fund after the capital project is completed and after return of any excess
				amount transferred into the capital projects fund from another fund. The voters
				in the district may authorize the district to transfer the remaining balance to
				the general fund instead of the PPEL fund or debt service fund pursuant to Iowa
				Code section 278.1(1)
"e."
(4) Improving buildings or sites for the
				purpose of accessing digital telecommunications over multiple channels, often
				referred to as broadband.
(5)
				School safety and security infrastructure listed in Iowa Code section
				423F.3(6).