A. There is created the “public school capital outlay council”, consisting of the: (1)     secretary of finance and administration or his designee;

(2)     state superintendent [secretary] or his designee; (3)     the governor or his designee;

(4)     president of the New Mexico school boards association or his designee;

(5)     the director of the construction industries division of the regulation and licensing department or his designee;

(6)     the president of the state board or his designee;

(7)     the director of the legislative education study committee or his designee; (8)     the director of the legislative finance committee or his designee; and

(9)     the director of the legislative council service or his designee.

B. The council shall investigate all applications for assistance from the fund and shall certify the approved applications to the secretary of finance and administration for distribution of funds.

C. The council shall elect a chairman from among the members. The council shall meet at the call of the chairman.

D. The department of education [public education department] shall account for all distributions and shall make annual reports to the legislative education study committee and to the legislative finance committee.