|SB 1051||Alters the terms by which a school district may transfer moneys from the incidental fund to the capital projects fund|
|LR Number:||4209S.01I||Fiscal Note:||4209-01|
|Last Action:||02/04/02 - Second Read and Referred S Education Committee||Journal page:||S203|
|Effective Date:||August 28, 2002|
SB 1051 - This act alters the conditions by which a school district may transfer moneys from the incidental fund to the capital projects fund. The act prescribes that any amount expended from the incidental fund for classroom instructional capital outlays must be subtracted from the nine percent of the district's entitlement used to calculate the limit on such transfers.
The act modifies the qualifications for school districts making transfers from the incidental fund to the capital projects fund by deleting the minimum levy and lease-purchase conditions and substituting compliance with provisions concerning compensation of certificated staff in the second preceding year or payment of all penalties for the second preceding year.
Additionally, the act lays out conditions under which a
school district may refinance certain lease-purchase obligations.
The Hayti R-II school district is currently the only district
known to meet said conditions.