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Committee hears explanation of bond-levy-equalization closeout and new statewide bonding for schools
Summary
Legislative staff explained that House Bill 521 closed the old bond-levy-equalization program and created a new state bonding structure for school facilities; cash remaining in the old program was described as statutorily returned to the general fund.
During a budget reconciliation discussion, committee members asked how the closure of the bond levy equalization program affects school bonding. Keith Bybee and legislators clarified that House Bill 521 (H.B. 521) eliminated the prior bond levy equalization program and established a new state bonding structure to finance school facilities.
Bybee told the committee that an existing fund balance of…
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