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Senate Bill 0460


Senate Bill 0460

ARCHIVE (2005)

Latest Information

 

DIGEST OF SB460 (Updated March 28, 2005 8:32 pm - DI 84)


School bonds for retirement liability. Provides that a school corporation that issued bonds to cover retirement or severance liability under a prior statute (which was repealed on December 31, 2004) may issue bonds one additional time for that purpose if the first bond issue was made before April 14, 2003. Provides that the bonds must be issued before July 1, 2006, in an amount not to exceed the difference between: (1) the amount of the prior bond issue (which was limited to 2% of the school corporation's assessed value); and (2) 2% of the school corporation's true tax value at the time of the prior bond issue. Requires a school corporation that issues bonds for retirement or severance liability to reduce the property tax levy for certain other funds of the school corporation in an amount equal to the property tax levy needed for debt service on the bonds.
    Current Status:
     In Conference Committee
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