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Appropriators back consolidation of school reserve accounts into permanent land fund reserve to improve returns
Summary
House Bill 293 would repeal a small School Foundation Program Reserve Account and transfer its balance into the Common School Permanent Land Fund reserve (the state’s 5x/7x spending‑policy account) to allow longer‑term investment and higher returns; the committee passed the bill.
Chairman Baer presented House Bill 293 to the committee as a cleanup and consolidation of several school‑related reserve accounts. The bill would repeal the School Foundation Program Reserve Account, transfer the account balance (cited in testimony as approximately $92 million) into the Common School Permanent Land Fund reserve account (the state’s 5x/7x spending‑policy account), and repeal related session‑law and statute…
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