A. The council shall develop guidelines for a pre-kindergarten classroom facilities initiative in accordance with this section, including establishing and adopting pre- kindergarten classroom standards.

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B. The authority shall rank all applications it receives for the pre-kindergarten classroom facilities initiative according to the methodology adopted by the council for that purpose.

C. After a public hearing, and to the extent that money is available in the fund for that purpose, the council may make pre-kindergarten classroom facilities initiative grants to school districts that the council determines are willing and able to pay for the portion of the total cost not funded with grant assistance from the fund according to those applicants’ rankings.

D. The state share of the cost of an approved pre-kindergarten classroom facilities initiative project shall be calculated according to the methodology outlined in Subsection B of Section 22-24-5 N.M. Stat. Ann.; provided that, for fiscal years 2024 through 2026, the state share of an approved pre-kindergarten classroom facilities initiative project shall be the phase two formula value plus a percentage equal to one-half of the difference between one and the phase two formula value.

E. A school district that receives a grant in accordance with this section shall expend the money within three years after the grant allocation, or the money shall revert to the fund.