| SB 0658 | Allows fund transfers and levy increases for capital projects for certain school districts |
| Sponsor: | Caskey | |||
| LR Number: | S2945.01T | Fiscal Note: | 2945-01 | |
| Committee: | Education | |||
| Last Action: | 05/06/98 - Signed by Governor (w/EC) | Journal page: | S1121 | |
| Title: | ||||
| Effective Date: | Emergency Clause | |||
SB 658 - SETTING TAX RATE FOR CAPITAL PROJECTS - The act allows certain districts, such as Pleasant Hill, to set new levy increases in the operating funds, while making the full "24 cents" of transfers for capital projects, beginning next year, rather than based upon the phase-in from SB 795 of 1996 (full phase-in occurs for 1999-2000 for all affected districts). To qualify, a district must have at least 16% growth in membership over the last six years, must have passed a full Prop C waiver or increased its tax rate ceiling on or after June 1, 1994, must be in compliance with teacher's salary provisions of section 165.016, RSMo or have paid penalties for fiscal years 1995, 1996 and 1997 without waiver or base year adjustment and must pass, prior to July 1, 1998, a bond issue proposal which causes the district to be at or above 85% of its bonding capacity.
SCHOOL FUNDS - A school district may borrow between funds so long as the transfer is repaid during the same school year.
TRANSFERS FOR CAPITAL PROJECTS - Certain districts, such as Pleasant Hill, may transfer the local revenue raised during the last four years from a full Prop C waiver or tax rate increase from the operating funds to the capital projects fund. The transfer to the capital projects fund shall be made no later than June 30, 1998 and shall not decrease the incidental fund balance below 12%. Such transfers shall not be considered as an operating expenditure for the purposes of determining compliance with requirements for expenditure on salaries for certificated staff. A district making this transfer shall comply with the teacher's salary compliance provisions of section 165.016, RSMo, for the next three years without option for a waiver or base year adjustment. To qualify, a district must have at least 16% growth in membership over the last six years, must have passed a full Prop C waiver or increased its tax rate ceiling on or after June 1, 1994 and must be in compliance with teacher's salary provisions of section 165.016 or have paid penalties for fiscal years 1995, 1996 and 1997 without waiver or base year adjustment.
The act contains an emergency clause.
OTTO FAJEN