§5–315.

    (a)    In this section, “Fund” means the School Construction Revolving Loan Fund.

    (b)    There is a School Construction Revolving Loan Fund.

    (c)    The purpose of the Fund is to provide loans to local governments to forward fund the State or local share of school construction costs for local education agencies that rely on the State or local share to be fully funded in order to complete a project.

    (d)    The Interagency Commission shall administer the Fund.

    (e)    (1)    The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article that shall be available in perpetuity for the purpose of providing loans in accordance with the provisions of this section.

        (2)    The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.

    (f)    The Fund consists of:

        (1)    Money appropriated in the State budget to the Fund;

        (2)    Any interest earnings of the Fund;

        (3)    Repayments of principal and interest from loans made from the Fund; and

        (4)    Any other money from any other source accepted for the benefit of the Fund.

    (g)    The Fund may be used only to provide low– or no–interest loans to local governments.

    (h)    (1)    The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.

        (2)    Any interest earnings of the Fund shall be credited to the Fund.

    (i)    Money expended from the Fund is supplemental to and is not intended to take the place of funding that otherwise would be appropriated to local governments for school construction.

    (j)    (1)    Subject to paragraph (2) of this subsection, the Interagency Commission shall establish application procedures and eligibility criteria for loans from the Fund.

        (2)    The eligibility criteria shall include that a local government:

            (i)    Is in need of a loan to forward fund the State or local share of school construction costs in order to complete a project;

            (ii)    Is able to demonstrate the ability to repay the loan if required at a later date; and

            (iii)    Has received planning approval for the project from the Interagency Commission.

        (3)    The Interagency Commission shall give priority in awarding loans from the Fund to counties that have:

            (i)    Not advanced construction funding for projects in the Public School Construction Program that the Interagency Commission has approved for planning; and

            (ii)    Limited debt capacity.

    (k)    (1)    Except as provided in paragraph (2) of this subsection, a county shall repay a loan from the Fund not less than 5 years after receiving the loan from the Fund.

        (2)    The Interagency Commission may establish a procedure for a waiver from the requirement under paragraph (1) of this subsection.

    (l)    (1)    In fiscal year 2023, the Governor shall include in the annual budget bill an appropriation of at least $40,000,000 to the Fund.

        (2)    In fiscal year 2024, the Governor shall include in the annual budget bill an appropriation of at least $20,000,000 to the Fund.

        (3)    In each of fiscal years 2025 and 2026, the Governor shall include in the annual budget bill an appropriation of at least $10,000,000 to the Fund.