Introduced
by
To establish that when a fiscally failing school district enters an agreement with the state for direct payment to bondholders of future school aid money pledged to cover debt service on money borrowed by the district to cover deficit spending, the priority of these bondholders will be honored by the state, except that repayment is subject to any subsequent reduction of school aid payments to the district. See also House Bill 5194.
Referred to the Committee on Appropriations
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Amendment offered
by
To clarify the application of the proposed law to school districts that have already engaged in borrowing to cover deficit spending.
The amendment passed by voice vote
Passed in the House 105 to 2 (details)
Referred to the Committee on Appropriations
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises details but does not change the substance as previously described.
The substitute passed by voice vote
Passed in the Senate 38 to 0 (details)
To establish that when a fiscally failing school district enters an agreement with the state for direct payment to bondholders of future school aid money pledged to cover debt service on money borrowed by the district to cover deficit spending, the priority of these bondholders will be honored by the state, except that repayment is subject to any subsequent reduction of school aid payments to the district. See also House Bill 5194.
Passed in the House 103 to 3 (details)
