State Board of Education notification to State Fiscal Accountability Authority

The State Board of Education, by resolution, shall notify the State Fiscal Accountability Authority of the following: (1) the amount then required for allocation to local school districts for school facilities for the next fiscal year; (2) a tentative time schedule setting forth the period of time during which the sum requested will be expended; (3) a debt service table showing the annual principal and interest requirements for all state school facilities bonds then outstanding; and (4) the total amount of all state school facilities bonds issued. This notification shall be presented to the State Fiscal Accountability Authority by March first of each year.