SB-1077 Summary

• Changes "computed millage" definition from a fixed range of 7-13 mills to "up to 13 mills" and modifies the process for determining and adjusting millage rates based on changing financial circumstances and taxable values.

• Requires school districts to recalculate computed millage at least annually beginning October 1, 2013, and adjust millage rates up or down based on changes in taxable value, with specific caps and exceptions for the first recalculation and subsequent years.

• Establishes a minimum computed millage of 7 mills for any district receiving or holding a qualified loan, unless the district's actual computed millage is higher.

• Modifies ballot language requirements to inform voters of clear descriptions of bond purposes, expected state borrowing, estimated principal and interest on state loans, current and estimated millage rates, total outstanding qualified debt, and statements that millage rates may change.

• Changes terminology from "prequalification" to "preliminary qualification" throughout the act and clarifies that preliminary qualification orders expire 10 years after issuance or on a sooner specified date.