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Bill would let districts under enhanced oversight borrow from capital funds and sell assets with oversight
Summary
Substitute Senate Bill 5,412 would allow school districts under ‘‘binding conditions’’ or enhanced financial oversight to take temporary interfund loans from capital projects funds and to sell property with approval by a special administrator or financial oversight committee.
House Education Committee staff and the bill’s prime sponsor briefed members on Substitute Senate Bill 5,412 and took testimony from Senate sponsor June Robinson and district leaders.
The bill would allow a school district in binding conditions or under enhanced financial oversight to take a temporary interfund loan from its capital projects fund — subject to board resolution, specified disclosures and repayment within one calendar year — and would prohibit charging interest on such loans. If a district is under enhanced financial oversight, the transaction must be approved by the special administrator appointed by the oversight committee. The bill also authorizes a special administrator or oversight…
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