DIGEST OF INTRODUCED BILL
School debt. Requires the department of local government finance to: (1) collect, organize, and publicize certain data; and (2) develop affordability measures that must be considered by a school corporation before the school corporation issues bonds or enters into a lease rental agreement. Specifies the factors that must be considered by the department of local government finance in developing the affordability measures. Provides that in the case of bonds or lease rental agreements for which a school corporation's preliminary determination to issue the bonds or enter into the lease rental agreement is made after December 31, 2008, the school corporation may not issue the bonds or enter into the lease rental agreement unless the governing body of the school corporation holds at least one public hearing in which the governing body of the school corporation: (1) discusses the bonds or lease agreement and the affordability of the bonds or lease agreement, as compared to the affordability measures; and (2) allows public testimony.