SB 0256 Rapid Growth School Funds; Distribution of Railroad Taxes
Committee:EDUCLR Number:S0486.02I
Last Action:02/08/95 - Hearing Conducted S Education Committee
Effective Date:August 28, 1995
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Current Bill Summary

SB 256 - Under current law, taxes levied and collected for school operating purposes on state assessed railroad and utility property are currently distributed on a per pupil basis within the county and shall be distributed under the school Foundation Formula (Section 163.031, RSMo) beginning in the 1996-97 school year. Under this act, these taxes shall continue to be distributed on a per pupil basis within the county for all years.

This act establishes the Rapid Growth School Districts Revolving Fund. Up to a total of $40 million dollars may be transferred to the fund from the Gaming Proceeds Fund (riverboat). Rapid growth school districts may apply to DESE for loans from the fund. Districts must meet minimum critera for state aid as established in Section 163.021, RSMo, to be eligible to receive loans from the fund.