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H0319..........................................................by EDUCATION
SCHOOL BOND LEVY EQUALIZATION - Amends existing law relating to the school
bond levy equalization support program to change the time limitations which
govern certain bond levy amounts; to provide a special application of state
payment provisions; and to require reports by school districts.
03/04 House intro - 1st rdg - to printing
03/05 Rpt prt - to Educ
03/11 Rpt out - rec d/p - to 2nd rdg
03/12 2nd rdg - to 3rd rdg
03/17 3rd rdg - PASSED - 69-1-0
AYES -- Andersen, Barraclough, Barrett, Bauer, Bedke, Bell, Bieter,
Black, Block, Boe, Bolz, Bradford, Campbell, Cannon, Clark, Collins,
Crow, Cuddy, Deal, Denney, Douglas, Eberle, Edmunson, Ellsworth,
Eskridge, Field(18), Field(23), Gagner, Garrett, Harwood, Henbest,
Jaquet, Jones, Kellogg, Kulczyk, Lake, Langford, Langhorst, Martinez,
McGeachin, McKague, Meyer, Miller, Mitchell, Naccarato, Nielsen,
Raybould, Ridinger, Ring, Ringo, Roberts, Robison, Rydalch, Sali,
Sayler, Schaefer, Shepherd, Shirley, Skippen, Smith(30), Smith(24),
Smylie, Snodgrass, Stevenson, Tilman, Trail, Wills, Wood, Mr. Speaker
NAYS -- Moyle
Absent and excused -- None
Floor Sponsor - Denney
Title apvd - to Senate
03/19 Senate intro - 1st rdg - to Educ
03/27 Rpt out - rec d/p - to 2nd rdg
03/28 2nd rdg - to 3rd rdg
04/01 3rd rdg - PASSED - 35-0-0
AYES -- Andreason, Bailey, Brandt, Bunderson, Burkett(Roberts),
Burtenshaw, Calabretta, Cameron, Compton, Darrington, Davis, Gannon,
Geddes, Goedde, Hill, Ingram, Kennedy, Keough, Little, Lodge,
Malepeai, Marley, McKenzie, McWilliams, Noble, Noh, Pearce,
Richardson, Schroeder, Sorensen, Stegner, Stennett, Sweet, Werk,
Williams
NAYS -- None
Absent and excused -- None
Floor Sponsor - Noh
Title apvd - to House
04/02 To enrol
04/03 Rpt enrol - Sp signed
04/04 Pres signed
04/07 To Governor
04/08 Governor signed
Session Law Chapter 268
Effective: 07/01/03
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-seventh Legislature First Regular Session - 2003
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 319
BY EDUCATION COMMITTEE
1 AN ACT
2 RELATING TO THE SCHOOL BOND LEVY EQUALIZATION SUPPORT PROGRAM; AMENDING SEC-
3 TION 33-802A, IDAHO CODE, TO CHANGE THE TIME LIMITATIONS WHICH GOVERN LEVY
4 AMOUNTS; AND AMENDING SECTION 33-906, IDAHO CODE, TO PROVIDE A SPECIAL
5 APPLICATION OF STATE PAYMENT PROVISIONS AND TO REQUIRE SPECIFIED REPORTS.
6 Be It Enacted by the Legislature of the State of Idaho:
7 SECTION 1. That Section 33-802A, Idaho Code, be, and the same is hereby
8 amended to read as follows:
9 33-802A. COMPUTATION OF BOND AND BOND INTEREST LEVIES. When the board of
10 trustees of any school district determines and makes the levy required by sec-
11 tion 33-802, Idaho Code, and incorporates such levy as a part of the school
12 district's budget to service all maturing bond and bond interest payments for
13 the ensuing fiscal year, it shall take into consideration any state bond levy
14 equalization funds provided pursuant to section 33-906, Idaho Code, and any
15 balances remaining or that may remain in its bond interest and redemption fund
16 after meeting its bond and bond interest obligations for its current fiscal
17 year. The levy so made for the ensuing fiscal year shall be an amount which,
18 together with any state bond levy equalization funds provided pursuant to sec-
19 tion 33-906, Idaho Code, and the balance in its bond interest and redemption
20 fund remaining after meeting its current fiscal year bond and bond interest
21 obligations, shall satisfy all maturing bond and bond interest payments for at
22 least the ensuing twelve (12) months, and not to exceed the ensuing nineteen
23 twenty-one (219) months counted from July 1 of the current calendar year.
24 SECTION 2. That Section 33-906, Idaho Code, be, and the same is hereby
25 amended to read as follows:
26 33-906. BOND LEVY EQUALIZATION SUPPORT PROGRAM. Pursuant to section
27 33-906B, Idaho Code, school districts with a value index below one (1) shall
28 be eligible to receive additional state financial assistance for the cost of
29 annual bond interest and redemption payments made on bonds passed on or after
30 September 15, 2002. However, any school district shall receive no less than
31 ten percent (10%) of the interest cost portion of the annual bond interest and
32 redemption payment for bonds passed on or after September 15, 2002. The state
33 department of education shall disburse such funds to school districts from
34 moneys appropriated from the bond levy equalization fund. The department shall
35 disburse the funds by no later than September 1 of each year for school dis-
36 tricts in which voters have approved the issuance of qualifying bonds by no
37 later than January 1 of that calendar year, and which are certifying a quali-
38 fying bond interest and redemption payment for the fiscal year in which the
39 disbursement is made. For districts with a value index below one (1), the per-
40 centage of each annual bond interest and redemption payment that is paid by
41 the state shall be determined by dividing the difference between one (1) and
2
1 the school district's value index by one (1) provided that the state shall pay
2 for no more than the interest cost portion of the annual bond interest and
3 redemption payment, and each school district shall receive no less than ten
4 percent (10%) of the interest cost portion of the qualifying bond interest and
5 redemption payment.
6 For the purposes of this section, the annual bond interest and redemption
7 payment shall be determined by dividing the total payment amounts by the num-
8 ber of fiscal years in which payments are to be made. The interest cost por-
9 tion of the annual bond interest and redemption payment shall be determined
10 by dividing the total interest paid by the number of fiscal years in which
11 payments are to be made. For school districts not qualifying for a state pay-
12 ment in the first year of the bond interest and redemption payment schedule,
13 due solely to the January 1 eligibility deadline, the state department of edu-
14 cation shall distribute an additional payment in the next fiscal year, in the
15 amount of such funds that the school district would have otherwise qualified
16 for in the current fiscal year.
17 The provisions of this section may not be utilized to refinance existing
18 debt.
19 School districts shall annually report the status of all qualifying bonds
20 to the state department of education by January 1 of each year, including
21 bonds approved by the voters, but not yet issued. Information submitted shall
22 include the following:
23 (1) The actual or estimated bond interest and redemption payment sched-
24 ule;
25 (2) Any qualifying bond that has been paid off;
26 (3) Other information as may be required by the state department of edu-
27 cation.
STATEMENT OF PURPOSE
RS 12745
This legislation makes technical corrections to SB 1474, which
was passed last year. These corrections will make it easier to
administer SB 1474.
FISCAL IMPACT
No fiscal impact
Contact
Name: Rep. Lawerence Denney
Phone: (208) 332-1000
STATEMENT OF PURPOSE/FISCAL NOTE H 319