[§302A-833]  Teachers' housing revolvingfund.  (a)  There is established in the state treasury a revolving fund tobe known as the teachers' housing revolving fund to be administered by thedepartment of education.  The director of finance shall transfer any moneysappropriated for the purposes of teacher housing to the teachers' housingrevolving fund.  All unexpended balances of appropriations, allocations,allotments, special revolving funds, or other funds heretofore created and madeavailable for the purposes of developing or administering teachers' housingprojects shall be transferred to the teachers' housing revolving fund. Notwithstanding any law to the contrary, all moneys, including refunds,reimbursements, and rentals, for housing from teacher tenants shall bedeposited in the revolving fund.

(b)  The revolving fund may be used by thedepartment of education for any and all of the purposes of teachers' housing,including the planning, construction, maintenance, and operation of teachers'housing, as well as for the salaries of the necessary personnel in chargethereof.

(c)  Whenever the governor determines that theamount in the teachers' housing revolving fund exceeds the requirements of theteacher housing program, the department shall transfer the excess to the stategeneral fund. [L 2005, c 204, pt of §1]