Senate Bill 13-214 Summary

• Establishes legislative oversight of P-12 public school capital construction projects funded under the Building Excellent Schools Today (BEST) Act by requiring Capital Development Committee approval of lease-purchase agreements.

• Requires the state board to submit a revised prioritized list of projects involving lease-purchase agreements to the Capital Development Committee by June 25 each year, with committee approval or disapproval decisions due by July 15.

• Grants Capital Development Committee authority to disapprove projects if inclusion would unreasonably increase costs of lease-purchase financing, with a resubmission and reconsideration process available through August 15.

• Mandates the public school capital construction assistance fund maintain a minimum balance equal to total state payments due in the next fiscal year under lease-purchase agreements, minus school district matching funds and federal moneys.

• Requires annual reporting to the Capital Development Committee with estimates of assistance fund revenues and financial assistance awards, including separate accounting for cash grants versus lease-purchase agreements.