(a) Not more than one hundred fifty million dollars ($150,000,000) of the moneys authorized by the State School Building Lease-Purchase Bond Law of 1982 (Sec. 34, Ch. 552, Stats. 1995) shall be reserved for the reconstruction or modernization of facilities within the meaning of this chapter.
(b) For purposes of this section, the State Allocation Board shall establish a separate priority system which shall be based on the following factors and any other factors which the board determines are appropriate:
(1) Structural condition and age of the building.
(2) Percentage of pupils affected in the district or attendance area.
(3) Degree of utilization of eligible buildings.
(4) Other building code deficiencies, such as health, safety, or electrical problems.