81845.6.
(a) The board of governors shall release funds to community college districts with approved applications for modernization, to the extent that state general obligation bond funds are available to fund 80 percent of the project and if the community college district has provided the 20 percent local matching funds as required by paragraph (2) of subdivision (b).(b) Subject to the availability of funds, the board of governors shall allocate funds to an eligible community college district only upon the occurrence of both of the following events:
(1) The approval of the project by the Department of General Services pursuant to the Field Act, as defined in Section 17281.
(2) The certification by the community college district that the required 20 percent matching funds from local sources have been expended by the district for the project, and that the district has entered into a binding contract for the completion of the project.
(c) If funds from state general obligation bond proceeds are insufficient to fund all qualifying community college districts under this article, the board of governors shall, in accordance with the calculations made under Section 81845.5, determine which projects have the highest priority for the receipt of available funds.