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DIGEST OF HB1550 (Updated February 28, 2005 8:07 pm - DI 84)
School bonds for retirement expenses. Permits a school corporation to issue bonds one time before January 1, 2006, to cover retirement or severance liability if the school corporation did not issue bonds for that purpose under a prior statute that has been repealed. Permits a school corporation that issued bonds under the repealed statute before April 14, 2003, to issue bonds one additional time before January 1, 2006, in an amount not to exceed the difference between: (1) the amount of the prior bond issue (which was formerly 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.
