90th General Assembly
Summary of HB0487
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House Sponsors:
PHELPS-WOOLARD-BLACK-YOUNGE.

Senate Sponsors:
DEMUZIO-SEVERNS-JONES-TROTTER-OBAMA

Short description: 
SCHOOL CONSTRUCTION BONDS                                                  

Synopsis of Bill as introduced:
        Amends  the  Capital  Development  Board  Act  and  the   General      
   Obligation  Bond  Act.   Increases  the  State's  bonding authority by      
   $360,000,000,  earmarking  that  increase  for   grants   for   school      
   construction  projects  in  downstate  school  districts (i) which are      
   located in a county that has a population of  less  than  500,000  and      
   that  is  not  contiguous  to  a county with a population in excess of      
   3,000,000 and (ii) which operate schools that meet specified  criteria      
   that  are  to  be  given  priority consideration by the State Board of      
   Education in determining the priority  order  of  School  Construction      
   Project  grants  made  by  the  Capital  Development Board.  Effective      
   immediately.                                                                
          FISCAL NOTE (State Board of Education)                               
          Reinstating procedures in effect when the Capital Assistance         
          Program was running would impact SBE. Also, $360,000 of the          
          $9+ billion needed would be available for school construction        
          to downstate LEAs.                                                   
          STATE MANDATES FISCAL NOTE (State Board of Education)                
          No change from SBE fiscal note.                                      
        HOUSE AMENDMENT NO. 1.                                                 
        Removes a requirement that a school  district  be  located  in  a      
   county  that  has  a  population  of less than 500,000 and that is not      
   contiguous to a county with a population in  excess  of  3,000,000  in      
   order to be eligible for a grant for a school construction project.         
          BALANCED BUDGET NOTE, AMENDED                                        
          HB487, amended, does not authorize, increase, decrease, or re-       
          allocate any general funds appropriation for FY97.                   
          STATE DEBT IMPACT NOTE, H-AM 1                                       
           Increase in general obligation principal              $360.0 M      
           Increase in potential total general obligation debt    704.6 M      
           Increase in annual debt service payments                28.2 M      
          FISCAL NOTE, H-AM 1 (State Board of Education)                       
          The $360,000,000 would need to be available to 905 districts,        
          rather than 616.                                                     
          STATE MANDATES FISCAL NOTE, H-AM 1 (SBE)                             
          No change from SBE fiscal note, amended.                             
 
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   0


   END OF INQUIRY 



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