Introduced
by
To allow certain school districts specified in the bill (defined by a how much their per pupil foundation grant was in 1994 when Proposal A was adopted) 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 specified land acquisitions, construction or major repairs. Regular school bonds may be used to fund a much wider array of activities, including activities that would be considered “expenses” in non-government accounting systems (that is, costs paid out of current revenue, not by taking on long-term debt).
Referred to the Committee on Finance
