Notwithstanding any other law, a school district with an anticipated increase in enrollment is authorized to construct school facilities authorized within state school building aid standards, and subject to regulations established by the board, with funds from the following sources:
(a) Available capital reserves from the district's general fund or special funds of the district, provided the purposes of this section do not conflict with the purposes for which the funds may be used.
(b) Proceeds from the sale or lease of unneeded facilities provided that nothing in this section shall be construed to have any of the following effects:
(1) To terminate, delay, or otherwise interrupt the schedule of regular repayments for the district's obligations to the state.
(2) To relieve the district from any obligation to the state, except to the degree that the district may retain that portion of the proceeds from the sale or lease of unneeded facilities necessary to construct facilities pursuant to this section.
(3) To permit the district to retain any proceeds otherwise owing to the state from the lease or sale of unneeded facilities in excess of the amount necessary to construct facilities pursuant to this section.
(Added by Stats. 1996, Ch. 277, Sec. 3. Operative January 1, 1998.)