MI SB0099

Amends section 1212 of the Revised School Code to allow school districts to use sinking fund tax revenues for school security in addition to existing purposes of purchasing real estate and constructing or repairing school buildings.

Requires school districts that levy a sinking fund tax to conduct annual independent audits and submit audit reports to the Department of Treasury for review of fund usage.

Mandates that if the Department of Treasury determines sinking fund money was misused, the school district must repay the misused funds from operating funds and becomes ineligible to levy future sinking fund taxes.

Replaces reference to "state equalized valuation" with "taxable value" in calculating the maximum 5 mills tax levy that school districts may impose for up to 20 years.