(1) There is created a fund on deposit with each county treasurer for each school district of the county, which shall be known as the transportation vehicle fund. Money to be deposited into the transportation vehicle fund shall include, but is not limited to, the following:
(a) The balance of accounts held in the general fund of each school district for the purchase of approved transportation equipment and for major transportation equipment repairs under RCW 28A.150.280
. The amount transferred shall be the balance of the account as of September 1, 1982;
(b) Reimbursement payments provided for in RCW 28A.160.200
except those provided under RCW 28A.160.200
(3) that are necessary for contracted payments to private carriers;
(c) Earnings from transportation vehicle fund investments as authorized in RCW 28A.320.300
(d) The district's share of the proceeds from the sale of transportation vehicles, as determined by the superintendent of public instruction.
(2) Funds in the transportation vehicle fund may be used for the following purposes:
(b) Payment of conditional sales contracts as authorized in RCW 28A.335.200
or payment of obligations authorized in RCW 28A.530.080
, entered into or issued for the purpose of pupil transportation vehicles;
(c) Major repairs to pupil transportation vehicles;
(d) For the 2009-2011 biennium, a school district that is wholly contained on an island and has a student enrollment greater than two hundred fifty students and fewer than five hundred and fifty students may transfer from the transportation vehicle fund to the school district's general fund such amounts as necessary for instructional costs.
The superintendent of public instruction shall adopt rules which shall establish the standards, conditions, and procedures governing the establishment and use of the transportation vehicle fund. The rules shall not permit the transfer of funds from the transportation vehicle fund to any other fund of the district, except as provided under subsection (2)(d) of this section.