Fiscal Note - SJR 005 - Increases Allowable Debt Limit For School Districts
L.R. NO. 0866-01
BILL NO. SJR 5
SUBJECT: Schools: Elementary and Secondary; Debts and Debtors
TYPE: Original
DATE: January 16, 1997
FISCAL SUMMARY
ESTIMATED NET EFFECT ON STATE FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
General Revenue ($49,170)
Total Estimated
Net Effect on All
State Funds ($49,170)
ESTIMATED NET EFFECT ON FEDERAL FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
NONE
Total Estimated
Net Effect on All
Federal Funds $0 $0 $0
ESTIMATED NET EFFECT ON LOCAL FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
Local Government $0 $0 $0
FISCAL ANALYSIS
ASSUMPTION
Officials of the State Tax Commission and the Department of Elementary
Education stated that the proposal would not affect their agencies.
Tax Commission officials note that the proposal would increase the aggregate
bond limit of school districts by $2,500,000,000. The actual effects of the
proposal would depend upon actions of school boards, in presenting bond
issues to the voters, and the voters, in approving or not approving proposed
bond issues.
Advertisement costs for the proposal would be $3,990 per newspaper column
inch for three publications of the text of the proposal, the introduction,
title, fiscal note summary, and affidavit. The proposal would be on the
ballot for the November 1998 general election.
FISCAL IMPACT - State Government FY 1998 FY 1999 FY 2000
Cost to General Revenue Fund
Secretary of State
Newspaper Advertisements ($49,170)
FISCAL IMPACT - Local Government FY 1998 FY 1999 FY 2000
0 0 0
FISCAL IMPACT - Small Business
The proposal could affect tax rates of small businesses. This would depend
upon actions of school boards and voters of school districts.
DESCRIPTION
This proposal would increase by fifty percent the bonded indebtedness limit
for school districts.
This legislation is not federally mandated, would not duplicate any other
program and would not require additional capital improvements or rental
space.
SOURCES OF INFORMATION
Department of Elementary and Secondary Education
State Tax Commission
Secretary of State
This Fiscal Note is not an official copy and should not be quoted or cited.