Senate Bill 1387 Summary

• Changes the state treasurer's authority from "shall" to "may" regarding bond prequalification, qualification, and refunding decisions, making these actions discretionary rather than mandatory.

• Modifies the "computed millage" definition to reference a "final mandatory repayment date" determined by the state treasurer instead of dates specified in loan repayment agreements.

• Requires school districts to levy computed millage between 7-13 mills and allows the state treasurer to redetermine this millage based on additional bond qualifications, refundings, interest rate changes, and taxable value changes.

• Removes a previous qualification fee requirement (minimum $3,000) and replaces it with discretionary fees that the state treasurer may charge for prequalification, qualification, and annual loan activity applications to cover administrative expenses.

• Simplifies requirements for school districts with sufficient computed millage to pay debt service, requiring only written notification to the state treasurer rather than filing detailed loan activity statements with specific financial documentation.