Synopsis As Introduced Creates the School District Debt Control and Taxpayer Protection Act. Provides that a school district may not refinance debt past the repayment period of the debt when issued, may not issue debt to be serviced over a period of greater than 20 years, and may not issue capital appreciation bonds. Sets forth provisions calculating and establishing a debt limit and prohibiting new debt. Requires specified bond referendum and bond issuance information to be provided. Effective immediately.
House Floor Amendment No. 1 Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with the following changes. Makes changes to the definitions of the Act. Removes provisions concerning a school district's equalized assessed value, capital appreciation bonds, bond referendum information, and bond issuance information. Effective immediately.