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IN HB1028
Bill
Status
2/17/2015
Primary Sponsor
Wendy McNamara
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AI Summary
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Removes the expiration date on school corporations' authority to use capital projects fund money to pay for utility services and property or casualty insurance costs.
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Allows school corporations to use capital projects fund or rainy day fund money to pay for audits conducted by the state board of accounts or a state-certified private accounting firm.
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School corporations' annual expenditures for utilities and insurance from capital projects funds cannot exceed 3.5% of the school corporation's 2005 calendar year distribution.
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Amends Indiana Code sections IC 20-40-8 and IC 36-1-8-5.1 regarding school financial management and rainy day funds.
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Effective July 1, 2015.
Legislative Description
School expenses. Removes the expiration date in current law on the authority of a school corporation to use money in its capital projects fund to pay the costs of insurance and utilities. Provides that a school corporation may use money in its capital projects fund or its rainy day fund to pay for an audit of the school corporation by the state board of accounts or a private accounting firm certified by the state board of accounts.
Last Action
First Reading: Referred to committee on Tax & Fiscal Policy
2/24/2015