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S1474aaH.............................................by JUDICIARY AND RULES
BOND LEVY EQUALIZATION SUPPORT PROGRAM - Amends and adds to existing law to
revise the computation of bond and bond interest levies; to adopt a bond
levy equalization support program; to create the Bond Levy Equalization
Fund and specify purposes; to provide that the State Department of
Education shall establish a value index for each school district; and to
provide for criteria to be included in the value index calculation.
02/25 Senate intro - 1st rdg - to printing
02/26 Rpt prt - to Educ
02/28 Rpt out - rec d/p - to 2nd rdg
03/01 2nd rdg - to 3rd rdg
03/05 3rd rdg - PASSED - 30-5-0
AYES -- Andreason, Branch(Bartlett), Brandt, Bunderson, Cameron,
Darrington, Davis, Deide, Dunklin, Frasure, Geddes, Goedde, Hill,
Ingram, Ipsen, Keough, King-Barrutia, Little, Lodge, Marley, Noh,
Risch, Sandy, Schroeder, Sims, Sorensen, Stegner, Stennett, Wheeler,
Williams
NAYS -- Boatright, Burtenshaw, Hawkins, Richardson, Thorne
Absent and excused -- None
Floor Sponsor - Deide
Title apvd - to House
03/06 House intro - 1st rdg - to Educ
03/12 Rpt out - rec d/p - to 2nd rdg
To Gen Ord
03/13 Rpt out amen - to 1st rdg as amen
03/14 1st rdg - to 2nd rdg as amen
03/15 2nd rdg - to 3rd rdg as amen
Rls susp - PASSED - 49-21-0
AYES -- Aikele, Bedke, Bell, Bieter, Black, Block, Boe, Bolz,
Bradford, Bruneel, Campbell, Clark, Collins, Cuddy, Deal, Denney,
Ellis, Ellsworth, Eskridge, Field(13), Field(20), Gagner, Gould,
Hadley, Harwood, Henbest, Hornbeck, Jaquet, Kunz, Lake, Martinez,
Meyer, Montgomery, Mortensen, Pomeroy, Ridinger, Robison, Schaefer,
Sellman, Shepherd, Smith(33), Smith(23), Smylie, Stevenson, Stone,
Tilman, Trail, Young, Mr. Speaker
NAYS -- Barraclough, Barrett, Callister, Crow, Hammond, Higgins,
Jones, Kellogg, Kendell, Langford, Loertscher, Mader, McKague, Moyle,
Pearce, Pischner, Raybould, Roberts, Sali, Wheeler, Wood
Absent and excused -- None
Floor Sponsor - Denney
Title apvd - to Senate
03/15 To 10th Ord
Senate concurred in House amens - to engros
Rpt engros - 1st rdg - to 2nd rdg as amen
Rls susp - PASSED - 30-5-0
AYES -- Andreason, Boatright, Brandt, Bunderson, Cameron, Darrington,
Davis, Deide, Dunklin, Frasure, Geddes, Goedde, Hill, Ingram, Ipsen,
Keough, King-Barrutia, Little, Lodge, Marley, Noh, Risch, Sandy,
Schroeder, Sims, Sorensen, Stegner, Stennett, Wheeler, Williams
NAYS -- Branch, Burtenshaw, Hawkins, Richardson, Thorne
Absent and excused -- None
Floor Sponsor - Deide
Title apvd - to enrol
03/18 Rpt enrol - Pres signed - Sp signed
03/18 To Governor
03/21 Governor signed
Session Law Chapter 159
Effective: 07/01/02
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-sixth Legislature Second Regular Session - 2002
IN THE SENATE
SENATE BILL NO. 1474
BY JUDICIARY AND RULES COMMITTEE
1 AN ACT
2 RELATING TO BOND LEVY EQUALIZATION SUPPORT PROGRAM FOR SCHOOL FACILITIES;
3 AMENDING SECTION 33-802A, IDAHO CODE, TO REVISE THE COMPUTATION OF BOND
4 AND BOND INTEREST LEVIES AND TO CORRECT A CODIFIER'S ERROR; AMENDING CHAP-
5 TER 9, TITLE 33, IDAHO CODE, BY THE ADDITION OF A NEW SECTION 33-906,
6 IDAHO CODE, TO ADOPT A BOND LEVY EQUALIZATION SUPPORT PROGRAM; AMENDING
7 CHAPTER 9, TITLE 33, IDAHO CODE, BY THE ADDITION OF A NEW SECTION 33-906A,
8 IDAHO CODE, TO CREATE THE BOND LEVY EQUALIZATION FUND AND SPECIFY PUR-
9 POSES; AND AMENDING CHAPTER 9, TITLE 33, IDAHO CODE, BY THE ADDITION OF A
10 NEW SECTION 33-906B, IDAHO CODE, TO PROVIDE THAT THE STATE DEPARTMENT OF
11 EDUCATION SHALL ESTABLISH A VALUE INDEX FOR EACH SCHOOL DISTRICT AND TO
12 PROVIDE FOR CRITERIA TO BE INCLUDED IN THE VALUE INDEX CALCULATION.
13 Be It Enacted by the Legislature of the State of Idaho:
14 SECTION 1. That Section 33-802A, Idaho Code, be, and the same is hereby
15 amended to read as follows:
16 33-802A. COMPUTATION OF BOND AND BOND INTEREST LEVIES. When the board of
17 trustees of any school district determines and makes the levy required by sec-
18 tion 33-802, Idaho Code, and incorporates such levy as a part of the school
19 district's budget to service all maturing bond and bond interest payments for
20 the ensuing fiscal year, it shall take into consideration any state bond levy
21 equalization funds provided pursuant to section 33-906, Idaho Code, and any
22 balances remaining or that may remain in its bond interest and redemption fund
23 after meeting its bond and bond interest obligations for its current fiscal
24 year. The levy so made for the ensuing fiscal year shall be an amount which,
25 together with any state bond levy equalization funds provided pursuant to sec-
26 tion 33-906, Idaho Code, and the balance in its bond interest and redemption
27 fund remaining after meeting its current fiscal year bond and bond interest
28 gations obligations, shall satisfy all maturing bond and bond interest pay-
29 ments for at least the ensuing twelve (12) months, and not to exceed the ensu-
30 ing nineteen (19) months counted from July 1 of the current calendar year.
31 SECTION 2. That Chapter 9, Title 33, Idaho Code, be, and the same is
32 hereby amended by the addition thereto of a NEW SECTION, to be known and des-
33 ignated as Section 33-906, Idaho Code, and to read as follows:
34 33-906. BOND LEVY EQUALIZATION SUPPORT PROGRAM. Pursuant to section
35 33-906B, Idaho Code, school districts with a value index below one (1) shall
36 be eligible to receive additional state financial assistance for the cost of
37 annual bond interest and redemption payments made on bonds passed on or after
38 September 15, 2002. However, any school district shall receive no less than
39 ten percent (10%) of the interest cost portion of the annual bond interest and
40 redemption payment for bonds passed on or after September 15, 2002. The state
41 department of education shall disburse such funds to school districts from
2
1 moneys appropriated from the bond levy equalization fund. The department shall
2 disburse the funds by no later than September 1 of each year for school dis-
3 tricts certifying a qualifying bond interest and redemption payment for the
4 fiscal year in which the disbursement is made. For districts with a value
5 index below one (1), the percentage of each annual bond interest and redemp-
6 tion payment that is paid by the state shall be determined by dividing the
7 difference between one (1) and the school district's value index by one (1)
8 provided that the state shall pay for no more than the interest cost portion
9 of the annual bond interest and redemption payment, and each school district
10 shall receive no less than ten percent (10%) of the interest cost portion of
11 the qualifying bond interest and redemption payment.
12 For the purposes of this section, the annual bond interest and redemption
13 payment shall be determined by dividing the total payment amounts by the num-
14 ber of fiscal years in which payments are to be made. The interest cost por-
15 tion of the annual bond interest and redemption payment shall be determined
16 by dividing the total interest paid by the number of fiscal years in which
17 payments are to be made.
18 SECTION 3. That Chapter 9, Title 33, Idaho Code, be, and the same is
19 hereby amended by the addition thereto of a NEW SECTION, to be known and des-
20 ignated as Section 33-906A, Idaho Code, and to read as follows:
21 33-906A. BOND LEVY EQUALIZATION FUND. There is hereby created in the
22 state treasury a bond levy equalization fund. This fund shall contain such
23 moneys as may be directed pursuant to appropriation. Moneys in the fund shall
24 be used exclusively to make the payments authorized by the bond levy equaliza-
25 tion program created in section 33-906, Idaho Code.
26 SECTION 4. That Chapter 9, Title 33, Idaho Code, be, and the same is
27 hereby amended by the addition thereto of a NEW SECTION, to be known and des-
28 ignated as Section 33-906B, Idaho Code, and to read as follows:
29 33-906B. VALUE INDEX CALCULATION. The state department of education shall
30 establish a value index for each school district, based on each school
31 district's market value per support unit for equalization purposes, the aver-
32 age annual seasonally-adjusted unemployment rate in the county in which a plu-
33 rality of the school district's market value for assessment purposes of tax-
34 able property is located and the per capita income in the county in which a
35 plurality of the school district's market value for assessment purposes is
36 located. The value index for each school district shall be calculated as the
37 sum of the following three (3) components:
38 (1) The state department of education shall annually calculate the market
39 value per support unit that is used to equalize school funding for each school
40 district in the state, and the statewide average. The first portion of the
41 value index shall be calculated by dividing the school district's market value
42 for equalization purposes per support unit by the statewide average market
43 value for equalization per support unit and dividing the result of this calcu-
44 lation by two (2).
45 (2) The second portion of the value index shall be calculated by dividing
46 the statewide unemployment rate by the unemployment rate in the county in
47 which a plurality of the school district's market value for assessment pur-
48 poses of taxable property is located, and dividing the result of this calcula-
49 tion by four (4). For the purposes of this subsection, the statewide unemploy-
50 ment rate and county unemployment rates shall be based on the most recent
51 average annual seasonally-adjusted unemployment rate data reported by the
3
1 United States department of labor, for which there is a complete calendar year
2 of data.
3 (3) The third portion of the value index shall be calculated by dividing
4 the county per capita income in the county in which a plurality of the school
5 district's market value for assessment purposes of taxable property is
6 located by the statewide per capita income, and dividing the result of this
7 calculation by four (4). For the purposes of this subsection, the statewide
8 per capita income and county per capita income shall be based on the most
9 recent data reported by the United States department of commerce, for which
10 there is a complete calendar year of data.
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-sixth Legislature Second Regular Session - 2002
Moved by Denney
Seconded by Bruneel
IN THE HOUSE OF REPRESENTATIVES
HOUSE AMENDMENT TO S.B. NO. 1474
1 AMENDMENT TO SECTION 2
2 On page 2 of the printed bill, following line 17, insert:
3 "The provisions of this section may not be utilized to refinance existing
4 debt.".
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-sixth Legislature Second Regular Session - 2002
IN THE SENATE
SENATE BILL NO. 1474, As Amended in the House
BY JUDICIARY AND RULES COMMITTEE
1 AN ACT
2 RELATING TO BOND LEVY EQUALIZATION SUPPORT PROGRAM FOR SCHOOL FACILITIES;
3 AMENDING SECTION 33-802A, IDAHO CODE, TO REVISE THE COMPUTATION OF BOND
4 AND BOND INTEREST LEVIES AND TO CORRECT A CODIFIER'S ERROR; AMENDING CHAP-
5 TER 9, TITLE 33, IDAHO CODE, BY THE ADDITION OF A NEW SECTION 33-906,
6 IDAHO CODE, TO ADOPT A BOND LEVY EQUALIZATION SUPPORT PROGRAM; AMENDING
7 CHAPTER 9, TITLE 33, IDAHO CODE, BY THE ADDITION OF A NEW SECTION 33-906A,
8 IDAHO CODE, TO CREATE THE BOND LEVY EQUALIZATION FUND AND SPECIFY PUR-
9 POSES; AND AMENDING CHAPTER 9, TITLE 33, IDAHO CODE, BY THE ADDITION OF A
10 NEW SECTION 33-906B, IDAHO CODE, TO PROVIDE THAT THE STATE DEPARTMENT OF
11 EDUCATION SHALL ESTABLISH A VALUE INDEX FOR EACH SCHOOL DISTRICT AND TO
12 PROVIDE FOR CRITERIA TO BE INCLUDED IN THE VALUE INDEX CALCULATION.
13 Be It Enacted by the Legislature of the State of Idaho:
14 SECTION 1. That Section 33-802A, Idaho Code, be, and the same is hereby
15 amended to read as follows:
16 33-802A. COMPUTATION OF BOND AND BOND INTEREST LEVIES. When the board of
17 trustees of any school district determines and makes the levy required by sec-
18 tion 33-802, Idaho Code, and incorporates such levy as a part of the school
19 district's budget to service all maturing bond and bond interest payments for
20 the ensuing fiscal year, it shall take into consideration any state bond levy
21 equalization funds provided pursuant to section 33-906, Idaho Code, and any
22 balances remaining or that may remain in its bond interest and redemption fund
23 after meeting its bond and bond interest obligations for its current fiscal
24 year. The levy so made for the ensuing fiscal year shall be an amount which,
25 together with any state bond levy equalization funds provided pursuant to sec-
26 tion 33-906, Idaho Code, and the balance in its bond interest and redemption
27 fund remaining after meeting its current fiscal year bond and bond interest
28 gations obligations, shall satisfy all maturing bond and bond interest pay-
29 ments for at least the ensuing twelve (12) months, and not to exceed the ensu-
30 ing nineteen (19) months counted from July 1 of the current calendar year.
31 SECTION 2. That Chapter 9, Title 33, Idaho Code, be, and the same is
32 hereby amended by the addition thereto of a NEW SECTION, to be known and des-
33 ignated as Section 33-906, Idaho Code, and to read as follows:
34 33-906. BOND LEVY EQUALIZATION SUPPORT PROGRAM. Pursuant to section
35 33-906B, Idaho Code, school districts with a value index below one (1) shall
36 be eligible to receive additional state financial assistance for the cost of
37 annual bond interest and redemption payments made on bonds passed on or after
38 September 15, 2002. However, any school district shall receive no less than
39 ten percent (10%) of the interest cost portion of the annual bond interest and
40 redemption payment for bonds passed on or after September 15, 2002. The state
41 department of education shall disburse such funds to school districts from
2
1 moneys appropriated from the bond levy equalization fund. The department shall
2 disburse the funds by no later than September 1 of each year for school dis-
3 tricts certifying a qualifying bond interest and redemption payment for the
4 fiscal year in which the disbursement is made. For districts with a value
5 index below one (1), the percentage of each annual bond interest and redemp-
6 tion payment that is paid by the state shall be determined by dividing the
7 difference between one (1) and the school district's value index by one (1)
8 provided that the state shall pay for no more than the interest cost portion
9 of the annual bond interest and redemption payment, and each school district
10 shall receive no less than ten percent (10%) of the interest cost portion of
11 the qualifying bond interest and redemption payment.
12 For the purposes of this section, the annual bond interest and redemption
13 payment shall be determined by dividing the total payment amounts by the num-
14 ber of fiscal years in which payments are to be made. The interest cost por-
15 tion of the annual bond interest and redemption payment shall be determined
16 by dividing the total interest paid by the number of fiscal years in which
17 payments are to be made.
18 The provisions of this section may not be utilized to refinance existing
19 debt.
20 SECTION 3. That Chapter 9, Title 33, Idaho Code, be, and the same is
21 hereby amended by the addition thereto of a NEW SECTION, to be known and des-
22 ignated as Section 33-906A, Idaho Code, and to read as follows:
23 33-906A. BOND LEVY EQUALIZATION FUND. There is hereby created in the
24 state treasury a bond levy equalization fund. This fund shall contain such
25 moneys as may be directed pursuant to appropriation. Moneys in the fund shall
26 be used exclusively to make the payments authorized by the bond levy equaliza-
27 tion program created in section 33-906, Idaho Code.
28 SECTION 4. That Chapter 9, Title 33, Idaho Code, be, and the same is
29 hereby amended by the addition thereto of a NEW SECTION, to be known and des-
30 ignated as Section 33-906B, Idaho Code, and to read as follows:
31 33-906B. VALUE INDEX CALCULATION. The state department of education shall
32 establish a value index for each school district, based on each school
33 district's market value per support unit for equalization purposes, the aver-
34 age annual seasonally-adjusted unemployment rate in the county in which a plu-
35 rality of the school district's market value for assessment purposes of tax-
36 able property is located and the per capita income in the county in which a
37 plurality of the school district's market value for assessment purposes is
38 located. The value index for each school district shall be calculated as the
39 sum of the following three (3) components:
40 (1) The state department of education shall annually calculate the market
41 value per support unit that is used to equalize school funding for each school
42 district in the state, and the statewide average. The first portion of the
43 value index shall be calculated by dividing the school district's market value
44 for equalization purposes per support unit by the statewide average market
45 value for equalization per support unit and dividing the result of this calcu-
46 lation by two (2).
47 (2) The second portion of the value index shall be calculated by dividing
48 the statewide unemployment rate by the unemployment rate in the county in
49 which a plurality of the school district's market value for assessment pur-
50 poses of taxable property is located, and dividing the result of this calcula-
51 tion by four (4). For the purposes of this subsection, the statewide unemploy-
3
1 ment rate and county unemployment rates shall be based on the most recent
2 average annual seasonally-adjusted unemployment rate data reported by the
3 United States department of labor, for which there is a complete calendar year
4 of data.
5 (3) The third portion of the value index shall be calculated by dividing
6 the county per capita income in the county in which a plurality of the school
7 district's market value for assessment purposes of taxable property is
8 located by the statewide per capita income, and dividing the result of this
9 calculation by four (4). For the purposes of this subsection, the statewide
10 per capita income and county per capita income shall be based on the most
11 recent data reported by the United States department of commerce, for which
12 there is a complete calendar year of data.
STATEMENT OF PURPOSE
RS 12120
The purpose of this legislation is to provide a subsidy to school
districts passing bond issues after September 15, 2002. This
subsidy is based on a formula that provides greater subsidy to
the poorer districts and decreasing as the fiscal abilities of
the school district increases. Provides that the determiners of
fiscal ability will be market value per support unit as well as
unemployment rate and per capita income.
FISCAL IMPACT
It is estimated that in FY'04, the impact will be approximately
$1,000,000; in FY'05 $1,500,000 and escalating each year for 20
years reaching a maximum plateau of $16-$20,000,000 in 20 years.
Contact
Name: Senator Darrel Deide
Phone: 332-1328
Rep. Lawerence Denney 332-1244
STATEMENT OF PURPOSE/FISCAL NOTE S 1474