To allow school districts to use a “sinking fund” property tax to buy or fix school buses, and to buy computers and software. Under current law, schools may levy up to 5 mills for 20 years for a “sinking fund,” which is a permanent fund that may only be used only for the purchase of land, or construction and (major) repair of school buildings. Note: Since the 1994 Proposal A initiative prohibited the legislature from authorizing new property tax millages to pay for regular school operating expenses without a 3/4 majority vote in the House and Senate, it is likely this bill would require that supermajority.   Official Text and Analysis.