SB 0059 Allows certain school districts to make additional transfers of operating funds for capital projects
LR Number:S0431.01I Fiscal Note:0431-01
Last Action:01/27/99 - Hearing Conducted S Education Committee Journal page:
Effective Date:August 28, 1999
Full Bill Text | All Actions | Available Summaries | Senate Home Page | List of 1999 Senate Bills
Current Bill Summary

SB 59 - This act increases the allowed transfer of operating funds for capital projects for certain school districts. Qualifying districts are those which: 1) Maintain an operating fund balance of no more than fifteen percent; 2) Use at least 80% of their capacity for bonded debt; 3) Had at least 3% annual growth in attendance average over the last three years; 4) Were in full compliance with the teacher's salary compliance provisions of Section 165.016, RSMo, for the last three years without waiver or base rate adjustment; and 5) Maintain an operating levy of no less than the lesser of the district's tax rate ceiling or the $2.75 minimum levy.

Qualifying districts may increase the "24 cents" transfer to 12% of the district's operating levy times the guaranteed tax base (GTB), which amounts to "33 cents" for a district with a $2.75 levy and "48 cents" or twice the current transfer for a district with a $4.00 levy.