Introduced
by
To revise details of the interest rate charged by the state to school districts if they borrow from a “school bond loan fund,” which happens when a school board authorizes more spending during a year than a district’s revenue can pay for. The bill would eliminate a 3% minimum interest rate, and a requirement that the rate be at least high enough to cover the state’s cost. The cost to the district would instead be “the annual cost of funds used to make qualified loans plus 0.125%”.
Referred to the Committee on Appropriations
Reported without amendment
With the recommendation that the bill pass.
Passed in the Senate 38 to 0 (details)
Referred to the Committee on Local Government and Municipal Finance
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Passed in the House 100 to 3 (details)
To revise details of the interest rate charged by the state to school districts if they borrow from a “school bond loan fund,” which happens when a school board authorizes more spending during a year than a district’s revenue can pay for. The bill would eliminate a 3% minimum interest rate, and a requirement that the rate be at least high enough to cover the state’s cost. The cost to the district would instead be “the annual cost of funds used to make qualified loans plus 0.125%”.
