Introduced
by
Expand allowable school sinking fund uses to allow school districts to use “sinking fund” taxes for a wider variety of purposes. Under current law, sinking funds are permanent funds that may be used only for the purchase of land, or the construction or repair of school buildings. Regular school bonds may be used to fund a wide array of activities. Schools are allowed to levy up to five mills for sinking funds. The expanded uses proposed by the bill potentially include items considered operating expenses. Since new school operating expense millages were prohibited by a vote of the people in the 1994 Proposal A initiative, it is likely that the bill would require a 3/4 majority vote in the House and Senate, as required by the Constitution on any bill amending an initiative adopted by popular vote.
Referred to the Committee on Education
