Introduced
by
To place on the November 2002 ballot a proposal for a $2-billion school infrastructure and local sewage treatment improvement bond, with half for schools and half for sewers.
Referred to the Committee on Natural Resources and Environmental Affairs
Substitute offered
To replace the previous version of the bill with a new one which would place a $1 billion statewide school infrastructure bond issue on the November, 2002 general election ballot. See <a href="/bill.asp?ID=5053">Senate Bill 142</a>, to which the bill has been tie-barred, for a description of the distribution priority formula for the new debt proceeds.
The substitute passed by voice vote
Passed in the Senate 28 to 9 (details)
To place a $1 billion statewide school infrastructure bond issue on the November, 2002 general election ballot. See the Senate-passed version of <a href="/bill.asp?ID=5053">Senate Bill 142</a>, to which the bill has been tie-barred, for a description of the distribution priority formula for the new debt proceeds. The Senate Fiscal Agency estimates the approximate debt service expense (interest cost) at $584 million, depending on the interest rate and how long the bonds are outstanding, for a total cost of some $1.584 billion over 20 years.
