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-1) be adopted and that the bill then pass.
Substitute offered
The substitute passed by voice vote
Passed in the Senate 25 to 12 (details)
To essentially cap at $18 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
Without amendment and with the recommendation that the bill pass.
Passed in the House 68 to 41 (details)
To essentially cap at $18 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.
