Introduced
by
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 construction and (major) repair of school buildings. Regular school bonds may be used to fund a much wider 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 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. This supermajority is required by the Constitution on any bill amending an initiative adopted by popular vote.
Referred to the Committee on Education
