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Committee advances bill letting fiscally distressed districts request property sales, short interfund loans
Summary
The House Education Committee voted 10-9 to report Substitute Senate Bill 5,412 out of committee with a due‑pass recommendation after adopting an amendment that lets districts in binding conditions request authorization to sell property and take temporary interest‑free interfund loans under OSPI rules.
The House Education Committee reported Substitute Senate Bill 5,412 out of committee with a due‑pass as amended recommendation, 10‑9.
The bill allows school districts that are in "binding conditions" or under enhanced financial oversight to take a temporary, interest‑free interfund loan from their capital projects fund and, under certain conditions, to request authorization from the superintendent of public instruction to sell district property to maintain solvency. The bill also directs the Office of the Superintendent of Public Instruction (OSPI) to adopt implementing rules and makes related changes to how sale proceeds are deposited.
The committee adopted an…
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