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
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
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0
END OF INQUIRY
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