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SJR103.....................................................by STATE AFFAIRS PUBLIC SCHOOL BUILDING AUTHORITY - Proposes an amendment to the Constitution of the State of Idaho by the addition of a new section to authorize the legislature to enact laws authorizing the creation of a public school building authority for the purpose of construction or repairing school buildings. 03/16 Senate intro - 1st rdg - to printing 03/17 Rpt prt - to St Aff
SJR103|||| LEGISLATURE OF THE STATE OF IDAHO |||| Fifty-fifth Legislature First Regular Session - 1999IN THE SENATE SENATE JOINT RESOLUTION NO. 103 BY STATE AFFAIRS COMMITTEE 1 A JOINT RESOLUTION 2 PROPOSING AN AMENDMENT TO ARTICLE VIII, OF THE CONSTITUTION OF THE STATE OF 3 IDAHO, RELATING TO PUBLIC INDEBTEDNESS AND SUBSIDIES BY THE ADDITION OF A 4 NEW SECTION 6, ARTICLE VIII, TO AUTHORIZE THE LEGISLATURE TO ENACT LAWS 5 AUTHORIZING THE CREATION OF A PUBLIC SCHOOL BUILDING AUTHORITY BY THE 6 STATE TO ISSUE GENERAL OBLIGATION BONDS PAYABLE FROM THE REVENUES OF THE 7 STATE FOR THE PURPOSE OF FINANCING PUBLIC SCHOOL CONSTRUCTION AND REMODEL- 8 ING, TO REQUIRE LEGISLATIVE APPROVAL OF SPECIFIC PROJECTS AND TO PROVIDE A 9 LIMITATION OF SEVEN HUNDRED MILLION DOLLARS ON THE AMOUNT OF BONDS THAT 10 MAY BE ISSUED PURSUANT TO THIS SECTION; STATING THE QUESTION TO BE SUBMIT- 11 TED TO THE ELECTORATE; DIRECTING THE LEGISLATIVE COUNCIL TO PREPARE THE 12 STATEMENTS REQUIRED BY LAW; AND DIRECTING THE SECRETARY OF STATE TO PUB- 13 LISH THE AMENDMENT AND ARGUMENTS AS REQUIRED BY LAW. 14 Be It Resolved by the Legislature of the State of Idaho: 15 SECTION 1. That Article VIII, of the Constitution of the State of Idaho 16 be, and the same is hereby amended by the addition thereto of a NEW SEC- 17 TION , to be known and designated as Section 6, Article VIII, and to 18 read as follows: 19 SECTION 6. PUBLIC SCHOOL BUILDING AUTHORITY. The legislature 20 may enact laws authorizing the creation of a public school building 21 authority by the state to issue general obligation bonds in an amount 22 not to exceed seven hundred million dollars of varying denominations 23 and maturities for the purpose of financing public school construc- 24 tion and remodeling and to apply the proceeds thereof in the manner 25 and for the purposes heretofore or hereafter authorized by law, sub- 26 ject to the following limitations. The bonds issued by the authority 27 shall be issued as a general obligation of the state payable from the 28 revenues of the state. Bonds for a specific public school building 29 project or projects may be issued only after approval is given by the 30 state legislature by adoption of a concurrent resolution by both 31 houses of the legislature specifically approving such project or 32 projects. Bonds issued pursuant to this section may be issued only if 33 the issuer certifies that it reasonably believes that the interest 34 paid on the bonds or obligations will be exempt from income taxation 35 by the federal government. 36 Sections 1 and 2, of Article VIII shall not be construed as a 37 limitation upon the authority granted by this section. The proceeds 38 of bonds issued pursuant to this section for the purpose of financing 39 the building of public school facilities shall be subject to audit by 40 the state. This section is supplemental to and shall not be construed 41 as a repeal of or limitation on any other authority lawfully exercis- 42 able under the constitution and laws of this state, including, among 43 others, any existing authority to issue revenue bonds or general 2 1 obligation bonds. 2 SECTION 2. The question to be submitted to the electors of the State of 3 Idaho at the next general election shall be as follows: 4 "Shall Article VIII, of the Constitution of the State of Idaho be amended 5 by the addition of a new Section 6, Article VIII, to authorize the legislature 6 to enact laws authorizing the creation of a public school building authority 7 by the state to issue general obligation bonds payable from the revenues of 8 the state for the purpose of financing public school construction and remodel- 9 ing, to require legislative approval of specific projects, and to provide a 10 limitation of seven hundred million dollars on the amount of bonds that may be 11 issued pursuant to this section?". 12 SECTION 3. The Legislative Council is directed to prepare the statements 13 required by Section 67-453, Idaho Code, and file the same. 14 SECTION 4. The Secretary of State is hereby directed to publish this pro- 15 posed constitutional amendment and arguments as required by law.
STATEMENT OF PURPOSE
RS 08856
The purpose of this legislation is to amend Article VIII,of the
Constitution of the State of Idaho by the addition of a new
Section 6, Article VIII, to authorize the Legislature to enact
laws authorizing the creation of a Public School Building
Authority. To allow for the funding of school facilities in a
manner which will allow for cost savings and property tax relief.
FISCAL NOTE
Negative physical impact due to tax savings.
CONTACT: Senator John Sandy
332-1305 office
STATEMENT OF PURPOSE/ FISCAL NOTE
SJR 103