Print Friendly SENATE JOINT RESOLUTION NO. 103 – Public School Building Authority
SENATE JOINT RESOLUTION NO. 103
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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
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-fifth Legislature First Regular Session - 1999
IN 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
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
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.
Negative physical impact due to tax savings.
CONTACT: Senator John Sandy
STATEMENT OF PURPOSE/ FISCAL NOTE