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Committee hears bill allowing temporary capital-to-operating loans for districts under financial oversight
Summary
The Early Learning & K-12 Education Committee heard testimony on Senate Bill 5,412 on the option for temporary interfund loans that would allow school districts in binding conditions or enhanced financial oversight to borrow from capital projects to balance operating budgets.
The Early Learning & K-12 Education Committee heard testimony on Senate Bill 5,412 on the option for temporary interfund loans that would allow school districts in binding conditions or under enhanced financial oversight to borrow from their capital projects fund to balance operating budgets.
The bill would permit a qualifying district to take a temporary interfund loan from its capital projects fund and use those proceeds to balance a borrowing fund’s budget, provided the loan is repaid in full within one calendar year. Under the bill the loaning fund would not charge interest if…
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