[§302A-833]  Teachers' housing revolving fund.  (a)  There is established in the state treasury a revolving fund to be known as the teachers' housing revolving fund to be administered by the department of education.  The director of finance shall transfer any moneys appropriated for the purposes of teacher housing to the teachers' housing revolving fund.  All unexpended balances of appropriations, allocations, allotments, special revolving funds, or other funds heretofore created and made available for the purposes of developing or administering teachers' housing projects 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 be deposited in the revolving fund.

     (b)  The revolving fund may be used by the department 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 charge thereof.

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