House Bill No. 1350 Summary

• Creates a common schools revolving loan fund within the common schools trust fund administered by the board of university and school lands, with continuing appropriation for administrative costs and loan disbursement.

• Establishes loan eligibility requirements including projects costing at least $1 million with 30-year expected utilization, evidence of failed voter approval for school building fund tax levy within preceding five years, and identified funding sources for debt repayment.

• Sets maximum loan amount of $100 million (or $80 million if school district's unobligated general fund balance exceeds statutory limitation), 30-year loan term, and interest rate capped at 1 percent per year.

• Requires board of university and school lands to prioritize loan applications based on student occupancy needs, age of existing structures, building safety assessments, cost, and superintendent-established criteria, with annual independent audit of the fund.

• Makes bill contingent on passage and voter approval of House Concurrent Resolution No. 3008, with effective date of December 4, 2020.