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DIGEST OF SB257 (Updated February 26, 2004 12:53 pm - DI 84)
Correction of school funding formula. Provides that: (1) the at-risk index used in calculating 2003 school tuition support must be calculated using 1990 census data; (2) the complexity index used in calculating school tuition support in 2004 and thereafter must be calculated using education attainment data for persons who are at least 25 years of age; (3) the target pupil teacher ratio used to calculate prime time distributions must be calculated using multipliers that equal a number greater than one; (4) the target revenue per ADM of a charter school in its first year of operation is equal to the target revenue per ADM of the school corporation in which the charter school is located; and (5) a school corporation's share of the state appropriation for full day kindergarten is calculated using the total ADM of the participating schools. Allows a school corporation to issue tax anticipation warrants against property tax collections that result from a shortfall appeal. Allows a school corporation that had insufficient data in 2003 to file a shortfall appeal to file the appeal in 2004 for taxes payable in 2005, and to issue tax anticipation warrants against the property tax collections. Authorizes a school corporation to: (1) file an appeal to impose an additional levy to make up a shortfall in property tax collections in a fund other than the school general fund; and (2) increase the corporation's transportation fund levy by the amount by which the state has reduced its transportation distributions to the corporation. Provides that the increase in the transportation fund levy and the shortfall levy are not eligible for property tax replacement credits or homestead credits. Extends the sunset date for issuance of school corporation bonds for retirement or severance liability from December 31, 2004, to December 31, 2006. Provides that a school corporation may not issue such bonds after December 31, 2004, unless the corporation submits to the department of local government finance before January 1, 2005, a proposal concerning the issuance of the bonds to implement solutions for the corporation's retirement or severance liability. Allows a school corporation to issue bonds for that purpose a second time if the first bond issue has been retired and the average annual debt service on the second bond issue does not exceed the average annual debt service on the first bond issue.
