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Panel reviews bill to add building-fund mills to in-lieu funding formula
Summary
Lawmakers reviewed an amendment that would include school building-fund mill levies when calculating how in-lieu-of-tax payments affect school construction funding, a change supporters say would steer more local in-lieu revenue to capital projects and reduce a portion of state aid.
The Appropriations — Education and Environment Division examined a bill (referred to in committee as 11:30) that would change how in-lieu-of-tax revenue is counted when state funding for school construction is calculated. Representative Richter, the bill’s presenter, said the amended version adds building-fund mills to the existing sinking-and-interest calculation.
Representative Richter, District 1, Williston, told the committee: "So that's what this bill does." He explained that current Century Code takes sinking-and-interest mills out of the in-lieu calculation, and the amendment would add a district’s building-fund mills to that same deduction so more in-lieu money could be available…
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