School boards, local; composite index of local ability-to-pay, required local effort. (HB559)

Introduced By

Del. Israel O'Quinn (R-Bristol) with support from co-patron Del. Jeff Campbell (R-Marion)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Local school boards; composite index of local ability-to-pay; required local effort; adjustment in certain circumstances. Provides that in any case in which a local school board enters into a comprehensive agreement with a private entity pursuant to the Public-Private Education Facilities and Infrastructure Act of 2002 whereby the private entity finances the construction of a new public school building in the local school division through the issuance of bonds; leases the building to the local school board in an arrangement such as a certificate of participation, a double net lease, or a triple net lease; and expects the local school board to make lease payments in an annual amount that approximates or is equal to the annual debt service on such bonds, the Department of Education shall not consider 50 percent of such lease payments as capital outlay and debt service and therefore shall not subtract such payments in the biennial calculation of net local expenditures for operations or required local effort for the purpose of determining such local school division's composite index of local ability-to-pay, if so requested by the local school board. Read the Bill »

Status

01/11/2022: In Committee

History

DateAction
01/11/2022Prefiled and ordered printed; offered 01/12/22 22103839D
01/11/2022Committee

Post a Public Comment About this Bill



if you have one


(Limited HTML is OK: <a>, <em>, <strong>, <s>)