Requires school district to obtain approval from Department of Education before entering into funds diversion agreement for payment of debt service on pension obligation bonds. Requires school district to obtain approval from Department of Education before entering into funds diversion agreement for payment of debt service on pension obligation bonds.
Provides that department may not approve funds diversion agreement unless annual debt service on pension obligation bonds of school district is no greater than 25 percent of state school moneys available to school district in current fiscal year, or if state school moneys available to school district constitute less than 25 percent of funding for school district in current fiscal year.
Requires State Treasurer to provide relevant data to department.
Becomes operative July 1, 2020.
Chapter Number:
Fiscal Impact:
May Have Fiscal Impact, But No Statement Yet Issued
Revenue Impact:
May Have Revenue Impact, But No Statement Yet Issued
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HB 4017 House Committee On Revenue
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