30Block grant authorities

30 Block grant authorities

(1) For the purposes of paragraph 85(2)(a) of the Act, a block grant authority for a school must spend, or commit to spend, financial assistance that is payable to the authority under Division 2 of Part 5 of the Act (capital funding): (a) on capital expenditure in relation to a school for which the block grant authority is approved; and (b) in accordance with: (i) any written directions of the Minister; and (ii) the Capital Grants Program Guidelines. (2) The financial assistance must (subject to subsections (3) and (4)) be spent, or committed to be spent: (a) in the year in which the financial assistance is paid to the block grant authority; or (b) before a day, or within a period, determined in writing by the Minister for the block grant authority. (3) Subsection (4) applies to financial assistance that: (a) is paid to a block grant authority in accordance with the Act; and (b) is recovered from: (i) savings on capital expenditure; or (ii) capital expenditure that has not proceeded. (4) The financial assistance must be spent, or committed to be spent: (a) on alternative capital expenditure, in relation to a school for which the block grant authority is approved: (i) within 12 months of the financial assistance being recovered; or (ii) before a day, or within a period, determined in writing by the Minister for the block grant authority; and (b) in accordance with: (i) any written directions of the Minister; and (ii) the Capital Grants Program Guidelines. (5) The block grant authority may retain any interest earned on financial assistance that is payable to the authority under Division 2 of Part 5 of the Act. However, the block grant authority must spend, or commit to spend, the interest on capital expenditure in relation to a school for which the block grant authority is approved, in accordance with: (a) any written directions of the Minister; and (b) the Capital Grants Program Guidelines. (6) For the purposes of subsections (1), (4) and (5), the Minister may give written directions to a block grant authority.