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
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Current Bill Summary

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.