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House Bill 1088


House Bill 1088

ARCHIVE (2003)

Latest Information

 

DIGEST OF HB1088 (Updated March 26, 2003 2:24 PM - DI 84)


School bonds for retirement or severance liability. Extends the sunset date for issuance of school corporation bonds for retirement or severance liability from December 31, 2003, to December 31, 2004. Provides that the total amount of bonds issued for this purpose may not exceed 2% of the total true tax value of property in the school corporation. Specifies that the school bus replacement fund is one of the funds that the school corporation may reduce in order to satisfy the requirement to reduce its total property tax levy in an amount equal to the levy for debt service on the bonds. Requires a school corporation to establish a separate debt service fund for repayment of the bonds.
Current Status:
 Law Enacted
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