SB 64 Summary: School Bond Debt Reimbursement

• Prohibits the committee from recommending approval and the commissioner from approving bond debt reimbursement applications for school construction or major maintenance for indebtedness authorized between January 1, 2015 and July 1, 2020.

• Prevents the commissioner from allocating funds for retirement of principal and interest on tax-exempt bonds authorized between January 1, 2015 and July 1, 2020.

• Establishes new reimbursement rates for bonds authorized on or after July 1, 2020: 50% for approved projects and 40% for reviewed projects (down from 70% and 60% for bonds authorized before January 1, 2015).

• Makes these provisions retroactive to January 1, 2015 and repeals the restrictions on July 1, 2020.