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IN SB0448
Bill
Status
1/12/2015
Primary Sponsor
Earline Rogers
Click for details
AI Summary
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Establishes the financially distressed school corporation appeals board with seven voting members appointed by state officials to evaluate school corporations unable to carry out public education responsibilities.
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Creates the distressed school fund administered by the budget agency, consisting of general assembly appropriations, grants, and repaid loan principal, to provide interest-free loans to financially distressed school corporations.
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Permits distressed school corporations to receive loans from three sources: the counter-cyclical revenue and economic stabilization fund, the common school fund, or the distressed school fund, with repayment over ten years without interest or fees.
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Requires distressed school corporations to submit petitions demonstrating they cannot carry out educational duties or provide adequate educational opportunities without relief, with the board conducting public hearings before designating corporations as financially distressed.
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Imposes restrictions on distressed school corporations including board approval required for real property acquisition, building construction, contractual obligations exceeding $10,000, personal property purchases exceeding $10,000, and budget or tax rate adoption.
Legislative Description
School corporation financial management. Establishes the financially distressed school corporation appeals board to evaluate and authorize emergency relief to school corporations that the board determines are unable to carry out their public education responsibilities. Establishes the distressed school fund. Permits a loan or advance from the counter-cyclical revenue and economic stabilization fund, the distressed school fund, or the common school fund to a distressed school corporation.
Last Action
First Reading: referred to Committee on Appropriations
1/12/2015