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2014 Senate Bill 955: Increase school “emergency loan” funding
Introduced by Sen. John Pappageorge (R) on May 21, 2014 To increase from $50 million to $100 million the amount allocated through 2018 for “financial emergency” loans from the state to public school districts.   Official Text and Analysis.
Referred to the Senate Appropriations Committee on May 21, 2014
Reported in the Senate on December 2, 2014 With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Amendment offered in the Senate on December 3, 2014 To eliminate a tie-bar to Senate Bill 956, meaning this bill can still become law if that one does not. SB 956 would revise details of a law that allows the state to loan money to a public school district that has a deficit and an approved plan to eliminate it. Also, to add a tie-bar to Senate Bill 957, which prescribes actions for a school district in a “condition of fiscal stress, a deficit, or a potential financial emergency”.
The amendment passed by voice vote in the Senate on December 3, 2014
Passed 37 to 1 in the Senate on December 3, 2014 To increase from $50 million to $100 million the amount allocated through 2018 for “financial emergency” loans from a state loan board to public school districts. Also, to increase from $35 million to $85 million the amount of such loans to cities, townships, villages, and counties. Finally, the bill would eliminate restrictions on this loan board's ability to restructure repayments on existing emergency municipal loans.
Received in the House on December 3, 2014
Referred to the House Financial Liability Reform Committee on December 3, 2014
Reported in the House on December 11, 2014 Without amendment and with the recommendation that the bill pass.

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