Relating to borrowing for capital costs of school districts; appropriating money; and declaring an emergency.
Catchline/Summary:
Establishes statutory provisions required for Superintendent of Public Instruction to borrow money pursuant to Article XI-P of Oregon Constitution for capital costs of school districts. Establishes statutory provisions required for Superintendent of Public Instruction to borrow money pursuant to Article XI-P of Oregon Constitution for capital costs of school districts.
Establishes School Capital Matching Fund to replace school capital matching subaccount. Establishes Article XI-P Bond Fund and Article XI-P Bond Administration Fund. Continuously appropriates moneys from funds.
Makes statutory changes related to implementation of Article XI-P of Oregon Constitution.
Continues authority of school districts and education service districts to enter into funds diversion agreements with Department of Education for purpose of making debt service payments on qualified revenue bonds.
Declares emergency, effective on passage.
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SB 18
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