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Panel limits use of ‘in lieu’ school payments to construction debt; amendment approved
Summary
The Appropriations - Education and Environment Division voted to approve an amendment to bill 11/30 that requires reductions in “in lieu” receipts to be allocated to district sinking and interest funds and applied specifically to bonded indebtedness and capital debt.
The Appropriations - Education and Environment Division voted to approve an amendment to bill 11/30 that requires any reduction taken from a school district’s in-lieu-of-tax calculation to be allocated to the district’s sinking and interest fund and used specifically for bonded indebtedness and capital debt.
Senator Shively, who explained the amendment, told the committee the change clarifies long-standing intent that money carved from the in-lieu-of pool go toward school construction debt rather…
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