Introduced
by
To essentially cap at $1.5 billion the amount of debt guaranteed by the state School Bond Loan Fund, which allows school districts to get the state’s credit rating when they borrow for capital projects. The bill would also prohibit districts from using the fund if they can’t themselves meet projected debt service payments for a particular project, and impose a final mandatory repayment date, which among other things would require districts to completely pay off previous loans before using the fund to back any new ones. This proposal is accomplished by a package consisting of Senate Bills 770 to 772.
Referred to the Committee on Appropriations
Reported without amendment
With the recommendation that the substitute (S-3) be adopted and that the bill then pass.
Substitute offered
The substitute passed by voice vote
Amendment offered
by
To revise some technical details of the proposal.
The amendment passed by voice vote
Passed in the Senate 25 to 12 (details)
To essentially cap at $1.8 billion the amount of debt guaranteed by the state School Bond Loan Fund, which allows school districts to get the state’s credit rating when they borrow for capital projects. The bill would also prohibit districts from using the fund if they can’t themselves meet projected debt service payments for a particular project, and impose a final mandatory repayment date, which among other things would require districts to completely pay off previous loans before using the fund to back any new ones. This proposal is accomplished by a package consisting of Senate Bills 770 to 772.
Referred to the Committee on Appropriations
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered
The substitute failed by voice vote
Substitute offered
by
To replace the previous version of the bill with one that revises details but does not change the substance as previously described.
The substitute passed by voice vote
Amendment offered
by
To revise details of the millage rate a school district must levy to repay its bond debt.
The amendment passed by voice vote
Amendment offered
by
To remove a provision requiring a school bond debt refunding to be "financially beneficial to this state".
The amendment passed by voice vote
Amendment offered
by
To revise proposed restrictions on school district refunding its debt to accomodate refundings that would allow it to pay off the debt more quickly.
The amendment failed by voice vote
Amendment offered
by
To require the Department of Treasury to prepare a report on school district debt and "infrastructure needs".
The amendment failed by voice vote
Passed in the House 68 to 41 (details)
To essentially cap at $1.8 billion the amount of debt guaranteed by the state School Bond Loan Fund, which allows school districts to get the state’s credit rating when they borrow for capital projects. The bill would also prohibit districts from using the fund if they can’t themselves meet projected debt service payments for a particular project, and impose a final mandatory repayment date, which among other things would require districts to completely pay off previous loans before using the fund to back any new ones. This proposal is accomplished by a package consisting of Senate Bills 770 to 772.
Passed in the Senate 26 to 12 (details)
To concur with the House-passed version of the bill.
