House Bill 682 Summary

• Requires the state superintendent of public instruction to jointly report annually with the state treasurer on school district fiscal solvency to the governor, legislature, and endowment fund investment board.

• Authorizes the state treasurer to establish procedures for providing notice when debt service payments may be delinquent and to make payments on behalf of school districts using intercepted operating funds, state general fund transfers, state notes, or endowment fund loans.

• Creates the public school guarantee fund to hold moneys used for debt service payments, repayment of borrowed funds, and reimbursement of state funds used for school district payments.

• Establishes requirements for state notes issued under the guaranty program, including maturity limits of 12 months and procedures for financing plans and note issuance to be filed with the governor.

• Transfers authority over sales tax receipts pledged for bond debt service payments from the tax commission to the state controller.