SJR 15 Creates the "Education First Trust Fund"
Sponsor: Coleman
LR Number: 0952S.01I Fiscal Note: 0952-01
Committee: Education
Last Action: 3/15/2005 - Hearing Conducted S Education Committee Journal Page:
Title: Calendar Position:
Effective Date: Referendum

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Current Bill Summary

SJR 15 - This proposed constitutional amendment creates the "Education First Trust Fund" to be funded by the issuance of bonds, not to exceed in the aggregate, of two billion dollars. No more than twenty-five percent of the revenue from such bonds will be expended in any three-year fiscal period. The bonds will be repaid over a twenty year period. This resolution provides for a one percent tax on state income and a one half cent sales tax to create additional revenue for the fund.