There is hereby created within the technical colleges facilities fund a tuition subaccount. The board may determine and require that all or any portion of the tuition and other student fees payable to an LEA shall be deposited in the subaccount. No moneys may be disbursed from the tuition subaccount for any purpose other than to pay lease rentals or other amounts owed in connection with: (1) Any facility originally leased to the Board of Regents but now utilized for career and technical education if the facility is on the campus of a technical college; and (2) Any lease-purchase agreement authorized in §§ 13-39A-24 and 13-39A-25 unless the South Dakota Health and Educational Facilities Authority files with the state treasurer a certification that it has on deposit or there has otherwise been appropriated sufficient moneys to pay all amounts due or to become due within the next three months on all the lease-purchase agreements. No lease rentals on facilities described in subdivision (1) may be paid unless the board has approved the assumption of the former Board of Regents' lease obligations by the tuition subaccount. Thereafter, the state treasurer shall retain in the technical colleges facilities fund for future repair and improvement an amount not to exceed ten percent of the fund, as the board directs.
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