Committee Substitute
for
Senate Bill No. 100
(By Senators Burdette, Mr. President, and Boley,
By Request of the Executive)
____________
[Originating in the Committee on Finance;
reported October 17, 1993.]
____________
A BILL to amend and reenact section thirty, article fifteen,
chapter eleven of the code of West Virginia, one thousand
nine hundred thirty-one, as amended; to amend and reenact
section ten, article nine-a, chapter eighteen of said code;
and to amend and reenact sections two, six, eight, thirteen
and fifteen, article nine-d of said chapter, all relating to
dedicating consumers sales tax proceeds for the payment of
bonds issued by the school building authority; providing for
certification of the amount needed to pay bond principal and
interest for each fiscal year; providing for the payment of
principal and interest on bonds issued prior to the first
day of January, one thousand nine hundred ninety-four, or
bonds issued for the refunding of bonds issued prior to that
date; creating a special fund for the deposit of dedicated
consumers sales tax proceeds; providing for the issuance of
bonds for which that dedicated revenue is pledged for
repayment; limiting the permissible expenditures from the
school building capital improvements fund and the school
building debt service fund; and limiting the total amount of
debt which may be issued by the school building authority.
Be it enacted by the Legislature of West Virginia:
That section thirty, article fifteen, chapter eleven of the
code of West Virginia, one thousand nine hundred thirty-one, as
amended, be amended and reenacted; that section ten, article
nine-a, chapter eighteen of said code be amended and reenacted;
and that sections two, six, eight, thirteen and fifteen, article
nine-d of said chapter be amended and reenacted, all to read as
follows:
CHAPTER 11. TAXATION.
ARTICLE 15. CONSUMERS SALES TAX.
§11-15-30. Proceeds of tax; dedication of certain revenues.
Beginning the first day of November, one thousand nine
hundred ninety-three, and continuing on the first day of each
succeeding month thereafter, there shall be dedicated monthly
from the collections of this tax, prior to the payment or
commitment of the proceeds or collections of this tax for any
other purpose whatsoever, an amount equal to one eighth of the
projected annual principal and interest requirements on any and
all revenue bonds and refunding bonds issued, or to be issued, on
or after the first day of January, one thousand nine hundred
ninety-four, for which bond moneys in the school building debt
service fund have been pledged, or will be pledged, for repayment
pursuant to section six, article nine-d, chapter eighteen of this
code, such principal and interest requirements having beencertified to the tax commissioner in accordance with the
provisions of said section:
Provided, That in no event shall the
total dedicated collections of this tax to be paid into the
school building debt service fund, as provided in this section,
in any fiscal year exceed the lesser of the principal and
interest requirements certified to the tax commissioner as
aforesaid, or twelve million dollars. The amount dedicated shall
be deposited on a monthly basis into the school building debt
service fund created pursuant to section six, article nine-d,
chapter eighteen of this code.
CHAPTER 18. EDUCATION.
ARTICLE 9A. PUBLIC SCHOOL SUPPORT.
§18-9A-10. Foundation allowance to improve instructional
programs.
(a) For the school year beginning on the first day of July,
one thousand nine hundred ninety-three only, thirty-two million
five hundred twenty thousand nine hundred ninety-four dollars,
unless a greater amount is appropriated by the Legislature, in
addition to funds which accrue from allocations due to increase
in total local share above that computed for the school year
beginning on the first day of July, one thousand nine hundred
ninety-three, from balances in the general school fund, or from
appropriations for such purpose shall be allocated to increase
state support of counties as follows:
Provided, That for the
school year beginning on the first day of July, one thousand nine
hundred ninety-three only, no county shall gain more than
seventy-three and sixty-six one-hundredths percent or lose more
than twenty-six and thirty-four one-hundredths percent over theprevious year's allocation:
Provided, however, That for the
school year beginning on the first day of July, one thousand nine
hundred ninety-four and thereafter, the sum of the allocations
shall be in an amount at least equal to the amount appropriated
by the Legislature, in addition to funds which accrue from
allocations due to increase in total local share above that
computed for the previous school year, from balances in the
general school fund, or from appropriations for such purposes:
(1) One hundred fifty thousand dollars shall be allocated to
each county;
(2) Distribution to the counties of the remainder of these
funds shall be made proportional to the average of each county's
average daily attendance for the preceding year and the county's
second month net enrollment. Moneys allocated by provision of
this section shall be used to improve instructional programs
according to a plan for instructional improvement which the
affected county board shall file with the state board by the
first day of August of each year, to be approved by the state
board by the first day of September of that year if such plan
substantially complies with standards to be adopted by the state
board:
Provided, That notwithstanding any other provision of
this code to the contrary, moneys allocated by provision of this
section may also be used in the implementation and maintenance of
the uniform integrated regional computer information system; and
(3) For the school year beginning on the first day of July,
one thousand nine hundred ninety-three, up to twenty-five percent
of this allocation may be used to employ professional educators
and/or service personnel in counties after all applicableprovisions of sections four and five of this article have been
fully utilized.
Prior to the use of any funds from this section for
personnel costs, the county board must receive authorization from
the state superintendent of schools. The state superintendent
shall require the district board to demonstrate: (1) The need
for the allocation; (2) efficiency and fiscal responsibility in
staffing; and (3) sharing of services with adjoining counties and
the regional educational service agency for that county in the
use of the total local district board budget. District boards
shall make application for available funds by the first day of
May:
Provided, That for the school year beginning on the first
day of July, one thousand nine hundred ninety-three only,
district boards shall make application for available funds by the
fifteenth day of June, one thousand nine hundred ninety-three.
On or before the first day of June, the state superintendent
shall review all applications and notify applying district boards
of the distribution of the allocation:
Provided, however, That
for the school year beginning on the first day of July, one
thousand nine hundred ninety-three only, the state superintendent
shall review all applications and notify applying district boards
of the distribution of the allocation on or before the first day
of July, one thousand nine hundred ninety-three. Such funds
shall be distributed during the fiscal year as appropriate. The
state superintendent shall require the county board to
demonstrate the need for an allocation for personnel based upon
the county's inability to meet the requirements of state law or
state board policy:
Provided further, That the funds availablefor personnel under this section may not be used to increase the
total number of professional noninstructional personnel in the
central office beyond four. The instructional improvement plan
shall be made available for distribution to the public at the
office of each affected county board.
(b) Commencing with the school year beginning on the first
day of July, one thousand nine hundred ninety-three, an amount
not less than the amount required to meet debt service
requirements on any revenue bonds issued prior to the first day
of January, one thousand nine hundred ninety-four, and the debt
service requirements on any revenue bonds issued for the purpose
of refunding revenue bonds issued prior to the first day of
January, one thousand nine hundred ninety-four, shall be paid
into the school building capital improvements fund created by
section six, article nine-d of this chapter, and shall be used
solely for the purposes of said article. The school building
capital improvements fund shall not be utilized to meet the debt
services requirement on any revenue bonds or revenue refunding
bonds for which moneys contained within the school building debt
services fund have been pledged for repayment pursuant to said
section.
ARTICLE 9D. SCHOOL BUILDING AUTHORITY.
§18-9D-2. Definitions.
The following terms, wherever used or referred to in this
article, have the following meanings, unless a different meaning
clearly appears from the context:
(1) "Authority" means the school building authority of West
Virginia or, if said authority shall be abolished, any board orofficer succeeding to the principal functions thereof, or to whom
the powers given to said authority shall be given by law;
(2) "Bonds" means bonds issued by the authority pursuant to
this article;
(3) "Project" or "capital improvement project" means the new
construction, major renovation, repair and safety upgrading of
facilities, buildings and structures for school purposes
including the acquisition of land for current or future use in
connection therewith, equipment, machinery, furnishings,
installation of utilities and other similar items convenient in
connection with placing the foregoing into operation, but may not
include such items as books, fuel, supplies and other items which
are customarily deemed to result in a current operating charge;
(4) "Cost of project" means the cost of construction,
renovation, repair and safety upgrading of facilities, buildings
and structures for school purposes; the cost of land, equipment,
machinery, furnishings, installation of utilities and other
similar items convenient in connection with placing the foregoing
into operation; and the cost of financing, interest during
construction, professional service fees and all other charges or
expenses necessary, appurtenant or incidental to the foregoing,
including the cost of administration of this article;
(5) "Revenue" or "revenues" means moneys deposited in the
school building capital improvements fund pursuant to the
operation of section ten, article nine-a of this chapter; moneys
deposited in the school building debt service fund pursuant to
the operation of section thirty, article fifteen, chapter eleven
of this code; any moneys received, directly or indirectly, fromany source for the use of all or any part of any project
completed pursuant to this article; and any other moneys received
by the authority for the purposes of this article;
(6) "Facilities plan" means the regional plan for school
facilities required prior to the distribution of state funds to
any county board pursuant to section fifteen of this article; and
(7) "Region" means the area encompassed within and serviced
by a regional educational service agency established pursuant to
section twenty-six, article two of this chapter.
§18-9D-6. School building capital improvements fund in state
treasury; school building debt service fund in the state
treasury; collections to be paid into special funds;
authority to pledge such collections as security for revenue
bonds; authority to finance projects on a cash basis.
(a) There is continued in the state treasury a school
building capital improvements fund to be expended by the
authority as provided in this article.
The school building authority shall have authority to pledge
all or such part of the revenues paid into the school building
capital improvements fund as may be needed to meet the
requirements of any revenue bond issue or issues authorized by
this article prior to the first day of January, one thousand nine
hundred ninety-four, or revenue bonds issued to refund revenue
bonds issued prior to that date, including the payment of
principal of, interest and redemption premium, if any, on such
revenue bonds and the establishing and maintaining of a reserve
fund or funds for the payment of the principal of, interest and
redemption premium, if any, on such revenue bond issue or issueswhen other moneys pledged may be insufficient therefor, including
such additional protective pledge of revenues as the authority in
its discretion has provided by resolution authorizing the issue
of such bonds or in any trust agreement made in connection
therewith. The authority may further provide in such resolution
and in such trust agreement for such priorities on the revenues
paid into such school building capital improvements fund as may
be necessary for the protection of the prior rights of the
holders of bonds issued at different times under the provisions
of this article.
Any balance remaining in the school building capital
improvements fund after the authority has issued bonds authorized
by this article, and after the requirements of all funds
including reserve funds established in connection with the bonds
issued pursuant to this article have been satisfied, may be used
for the redemption of any of the outstanding bonds issued
hereunder which by their terms are then redeemable, or for the
purchase of such bonds at the market price, but not exceeding the
price, if any, at which such bonds shall in the same year be
redeemable, and all bonds redeemed or purchased shall forthwith
be canceled and shall not again be issued.
The school building authority, in its discretion, may use
the moneys in the school building capital improvements fund to
finance the cost of projects on a cash basis. Any pledge of
moneys in such fund for revenue bonds shall be a prior and
superior charge on such fund over the use of any of the moneys in
such fund to pay for the cost of any project on a cash basis:
Provided, That any expenditures from such fund, other than forthe retirement of revenue bonds, may only be made by the
authority in accordance with the provisions of this article.
(b) There is hereby created in the state treasury a special
fund named the school building debt service fund into which shall
be deposited on and after the first day of November, one thousand
nine hundred ninety-three, the amounts specified in section
thirty, article fifteen, chapter eleven of this code. All
amounts deposited in the fund shall be pledged to the repayment
of the principal, interest and redemption premium, if any, on any
revenue bonds or refunding revenue bonds authorized by this
article:
Provided, That moneys so deposited shall not be pledged
to the repayment of any revenue bonds issued prior to the first
day of January, one thousand nine hundred ninety-three, or with
respect to revenue bonds issued for the purpose of refunding
revenue bonds issued prior to the first day of January, one
thousand nine hundred ninety-four. The authority may further
provide in the resolution and in the trust agreement for
priorities on the revenues paid into the school building debt
service fund as may be necessary for the protection of the prior
rights of the holders of bonds issued at different times under
the provisions of this article. On or prior to the first day of
January of each year, commencing the first day of January, one
thousand nine hundred ninety-four, the authority shall certify to
the state tax commissioner the principal and interest
requirements for the following fiscal year on any revenue bonds
issued on or after the first day of January, one thousand nine
hundred ninety-four, and for which moneys deposited in the school
building debt service fund have been pledged, or will be pledged,for repayment pursuant to this section:
Provided, however, That
before the first day of November, one thousand nine hundred
ninety-three, the authority shall also certify to the tax
commissioner of the state the principal and interest requirements
for the fiscal year ending on the thirtieth day of June, one
thousand nine hundred ninety-four, on any revenue bonds issued,
or to be issued, on or after the first day of January, one
thousand nine hundred ninety-four.
After the authority has issued bonds authorized by this
article, and after the requirements of all funds have been
satisfied, including reserve funds established in connection with
the bonds issued pursuant to this article, any balance remaining
in the school building debt service fund may be used for the
redemption of any of the outstanding bonds issued hereunder
which, by their terms, are then redeemable or for the purchase of
the outstanding bonds at the market price, but not to exceed the
price, if any, at which redeemable, and all bonds redeemed or
purchased shall be forthwith canceled and shall not again be
issued.
(c) The Legislature hereby finds and declares that the
supreme court of appeals of West Virginia has held that the
revenue bonds authorized under the school building authority act,
as enacted in this article prior to the twentieth day of July,
one thousand nine hundred ninety-three, constituted an
indebtedness of the state in violation of section four, article
ten of the constitution of West Virginia. The Legislature
further finds and declares that the financial capacity of a
county to construct facilities depends on the county's bondingcapacity, (local property wealth) and on voter willingness to
pass bond issues instead of criteria related to educational
needs, or upon the ability of the school building authority
created in this article to issue bonds that comply with said
holding of the West Virginia supreme court of appeals. The
Legislature hereby further finds and declares that this section,
as well as section thirty, article fifteen, chapter eleven of
this code, have been reenacted during the second extraordinary
session of the West Virginia Legislature in the year one thousand
nine hundred ninety-three, in an attempt to comply with said
holding of the supreme court of appeals of West Virginia. The
Legislature hereby further finds and declares that the continued
construction and improvement of school building facilities and
the dedication of the consumers sales tax pursuant to said
section to finance such construction and improvement are for the
use and benefit of the state, its counties, its municipalities
and its other political subdivisions, and such construction and
improvement serves the vital public purpose of providing for a
thorough and efficient system of free schools in this state. The
Legislature hereby further finds and declares that it intends,
through the reenactment of this section and section thirty,
article fifteen, chapter eleven of this code, to dedicate a
source of state revenue to a special fund for the purpose of
paying the debt service on bonds and refunding bonds issued
subsequent to the first day of January, one thousand nine hundred
ninety-four, the proceeds of which will be utilized for the
construction and improvement of school building facilities. The
Legislature further finds and declares that the vast majority offree schools in West Virginia are owned by the counties, and that
the reenactment of this section and section thirty, article
fifteen, chapter eleven of this code meets the requirements of
section six-a, article ten of the constitution of West Virginia.
The Legislature hereby further finds and declares that it
intends, through the reenactment of this section and section
thirty, article fifteen, chapter eleven of this code, to comply
with the provisions of section four, article ten, section six,
article ten, section six-a, article ten, and section one, article
twelve of the constitution of West Virginia.
§18-9D-8. Issuance of revenue bonds; use of proceeds; bonds
exempt from taxation.
The maximum aggregate face value of bonds that may be issued
by the authority, for which the moneys in the school building
debt service fund are to be pledged, is one hundred eighty-five
million dollars. The issuance of revenue bonds under the
provisions of this article shall be authorized from time to time
by resolution or resolutions of the school building authority,
which shall set forth the proposed projects and provide for the
issuance of bonds in amounts sufficient, when sold as hereinafter
provided, to provide moneys considered sufficient by the
authority to pay such costs, less the amounts of any other funds
available for said costs or from any appropriation, grant or gift
therefor:
Provided, That bond issues from which bond revenues
are to be distributed in accordance with section fifteen of this
article shall not be required to set forth the proposed projects
in the resolution. Such resolution shall prescribe the rights
and duties of the bondholders and the school building authority,and for such purpose may prescribe the form of the trust
agreement hereinafter referred to. The bonds may be issued from
time to time, in such amounts, shall be of such series, bear such
date or dates, mature at such time or times not exceeding forty
years from their respective dates, bear interest at such rate or
rates; be in such denominations; be in such form, either coupon
or registered, carrying such registration, exchangeability and
interchangeability privileges; be payable in such medium of
payment and at such place or places within or without the state;
be subject to such terms of redemption at such prices not
exceeding one hundred five percent of the principal amount
thereof; and be entitled to such priorities on the revenues paid
into the fund
pledged for repayment of the bonds as may be
provided in the resolution authorizing the issuance of the bonds
or in any trust agreement made in connection therewith. The
bonds shall be signed by the governor, and by the president or
vice president of the authority, under the great seal of the
state, attested by the secretary of state, and the coupons
attached thereto shall bear the facsimile signature of the
president or vice president of the authority. In case any of the
officers whose signatures appear on the bonds or coupons cease to
be such officers before the delivery of such bonds, such
signatures shall nevertheless be valid and sufficient for all
purposes the same as if such officers had remained in office
until such delivery. Such revenue bonds shall be sold in such
manner as the authority may determine to be for the best
interests of the state.
Any pledge of revenues for such revenue bonds made by theschool building authority shall be valid and binding between the
parties from the time the pledge is made; and the revenues so
pledged shall immediately be subject to the lien of such pledge
without any further physical delivery thereof or further act.
The lien of such pledge shall be valid and binding against all
parties having claims of any kind in tort, contract or otherwise,
irrespective of whether such parties have notice of the lien of
such pledge, and such pledge shall be a prior and superior charge
over any other use of such revenues so pledged.
The proceeds of such bonds shall be used solely for the
purpose or purposes as may be generally or specifically set forth
in the resolution authorizing those bonds and shall be disbursed
in such manner and with such restrictions, if any, as the
authority may provide in the resolution authorizing the issuance
of such bonds or in the trust agreement hereinafter referred to
securing the same. If the proceeds of such bonds, by error in
calculations or otherwise, shall be less than the cost of any
projects specifically set forth in the resolution, additional
bonds may in like manner be issued to provide the amount of the
deficiency; and unless otherwise provided for in the resolution
or trust agreement hereinafter mentioned, such additional bonds
shall be considered to be of the same issue, and shall be
entitled to payment from the same fund, without preference or
priority, as the bonds before issued for such projects. If the
proceeds of bonds issued for such projects exceed the cost
thereof, the surplus may be used for such other projects as the
school building authority may determine or in such other manner
as the resolution authorizing such bonds may provide. Prior tothe preparation of definitive bonds, the authority may, under
like restrictions, issue temporary bonds with or without coupons,
exchangeable for definitive bonds upon the issuance of such
definitive bonds.
After the issuance of any of such revenue bonds, the
revenues pledged therefor shall not be reduced as long as any of
such revenue bonds are outstanding and unpaid except under such
terms, provisions and conditions as shall be contained in the
resolution, trust agreement or other proceedings under which such
revenue bonds were issued.
Such revenue bonds and the revenue refunding bonds and bonds
issued for combined purposes shall, together with the interest
thereon, be exempt from all taxation by the state of West
Virginia, or by any county, school district, municipality or
political subdivision thereof.
To meet the operational costs of the school building
authority, the school building authority may transfer to a
special revenue account in the state treasury interest on any
debt service reserve funds created within any resolution
authorizing the issue of bonds or any trust agreement made in
connection therewith, for expenditure in accordance with
legislative appropriation or allocation of appropriation.
§18-9D-13. Sinking fund for payment of bonds.
(a) From the school building capital improvement fund the
school building authority shall make periodic payments in an
amount sufficient to meet the requirements of any issue of bonds
sold under the provisions of this article prior to the first day
of January, one thousand nine hundred ninety-four, or forrefunding bonds issued prior to that date as may be specified in
the resolution of the authority authorizing the issue thereof and
in any trust agreement entered into in connection therewith. The
payments so made shall be placed as specified in such resolution
or trust agreement in a special sinking fund which is hereby
pledged to and charged with the payment of the principal of the
bonds of such issue and the interest thereon, and to the
redemption or repurchase of such bonds, such sinking fund to be
a fund for all bonds of such issue without distinction or
priority of one over another, except as may be provided in the
resolution authorizing such issue of bonds. The moneys in the
special sinking fund, less such reserve for payment of principal
and interest and redemption premium, if any, as may be required
by the resolution of the school building authority, authorizing
the issue or any trust agreement made in connection therewith,
may be used for the redemption of any of the outstanding bonds
payable from such fund which by their terms are then redeemable,
or for the purchase of bonds at the market price, but at not
exceeding the price, if any, at which such bonds shall in the
same year be redeemable; and all bonds redeemed or purchased
shall forthwith be canceled and shall not again be issued.
(b) From the school building debt service fund, the
authority shall make periodic payments in an amount sufficient to
meet the requirements of any issue of bonds sold under the
provisions of this article on or after the first day of January,
one thousand nine hundred ninety-four, and for which the
authority has pledged revenues in such fund for the payment of
such bonds, as may be specified in the resolution of theauthority authorizing the issue thereof or in any trust agreement
entered into in connection therewith. The payments so made shall
be placed as specified in the resolution or trust agreement in a
special sinking fund which is hereby pledged to and charged with
the payment of the principal of the bonds of the issue and the
interest thereon, and to the redemption or repurchase of the
bonds, the sinking fund to be a fund for all bonds of the
particular issue without distinction or priority of one over
another, except as may be provided in the resolution authorizing
the issuance of the bonds. The moneys in the special sinking
fund, less the reserve for payment of principal and interest and
redemption premium, if any, as may be required by the resolution
of the school building authority, authorizing the issue or any
trust agreement made in connection therewith, may be used for
redemption of any of the outstanding bonds payable from the fund
which by their terms are then redeemable, or for the purchase of
bonds at the market price, but not exceeding the price, if any,
at which such bonds shall in the same year be redeemable; and all
bonds redeemed or purchased shall forthwith be canceled and shall
not again be issued.
§18-9D-15. Legislative intent; distribution of money.
(a) It is the intent of the Legislature to empower the
school building authority to facilitate and provide state funds
for the construction and maintenance of school facilities so as
to meet the educational needs of the people of this state in an
efficient and economical manner. The authority shall make
funding determinations in accordance with the provisions of this
article and shall assess existing school facilities and eachfacilities plan in relation to the needs of the individual
student, the general school population, the communities served by
the facilities and facility needs statewide.
(b) An amount that is no more than three percent of the sum
of moneys that are determined by the authority to be available
for distribution during the then current fiscal year from: (1)
Moneys paid into the school building capital improvements fund
pursuant to section ten, article nine-a of this chapter; (2) the
issuance of revenue bonds for which moneys in the school building
capital improvements fund or the school building debt service
fund are pledged as security; and (3) any other moneys received
by the authority may be allocated and may be expended by the
authority for projects that service the educational community
statewide or, upon application by the state board, for
educational programs that are under the jurisdiction of the state
board.
Fifty percent of the remaining available funds shall be
allocated and distributed to each county board on the basis of
its net enrollment as defined in section two, article nine-a of
this chapter:
Provided, That such moneys shall not be
distributed to any county board whose region does not have an
approved region-wide facilities plan or to any county board that
is not prepared to commence expenditures of such funds during the
fiscal year in which the moneys are distributed:
Provided,
however, That any moneys allocated to a county board and not
distributed to that county board shall be deposited in an account
to the credit of that county board, such principal amount to
remain to the credit of and available to the county board for aperiod of three years. Any moneys which are unexpended after a
three-year period shall be redistributed on the basis of net
enrollment to those county boards then eligible for the receipt
of net enrollment distributions in that fiscal year.
The remaining fifty percent of moneys available for
distribution shall be allocated and expended on the basis of need
and efficient use of resources, such basis to be determined by
the authority in accordance with the provisions of section
sixteen of this article.
No local matching funds shall be required under the
provisions of this subsection, and any county board may use the
state moneys provided herein in conjunction with local funds
derived from bonding or other source. Any county board may
dedicate any allocations of state moneys pursuant to this
subsection to the payment of local bonds used for purposes
encompassed in an approved facilities plan or for the payment of
bonds that are issued by the authority for the benefit of that
county that are in addition to the bond moneys distributed in
accordance with this subsection.
Moneys made available pursuant to this subsection that shall
be expended on projects that benefit more than one district shall
be apportioned among the districts in accordance with the formula
encompassed in that portion of the facilities plan that addresses
the project designed to benefit more than one district.
(c) To encourage regional educational service agencies and
county boards to proceed promptly with facilities planning and to
prepare for the expenditure of any state moneys derived from the
sources described in subsection (b) of this section, any countyboard failing to expend money within three years of the
allocation thereto shall forfeit such allocation and thereafter
shall be ineligible for further net enrollment or other
allocations pursuant to said subsection until the county board is
ready to expend funds in accordance with an approved facilities
plan. Any amount so forfeited shall be added to the total funds
available for allocation and distribution in the next ensuing
fiscal year.
(d) Distribution to the county boards may be in a lump sum
or in accordance with a schedule of payments adopted by the
authority pursuant to such guidelines as it shall adopt.