|SB 0573||Revises repayment of state school aid overpayment for certain districts|
|LR Number:||2514S.03T||Fiscal Note:||2514-03|
|Last Action:||05/30/00 - Signed by Governor (w/EC)||Journal page:|
|Effective Date:||Emergency Clause|
SB 573 - This act pertains to state school aid deductions due to prior overpayments. When a district erroneously receives excess state aid, current law, Sections 163.036 and 163.091, RSMo, require deduction of a like amount of state aid in the following year and, if the amount exceeds 5% of the district's apportionment, requires deduction of interest at a rate of 6%.
This act provides that districts with year-round elementary
school schedules, such as Francis Howell School District, may opt
to have overpayment of state aid exceeding 5% of district
apportionment deducted along with accrued interest in equal
monthly portions over a period requested by the district but no
longer than five school years. Interest will be charged at 6%
for such payment excesses, whether the deduction is made in one
year or over a longer period.