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Senate debates revolving loan fund for school districts and fights over education freedom accounts, interest rates and audits
Summary
Senators spent an extended period on House Bill 292, which would create a revolving loan fund to help school districts manage short-term cash gaps; debate focused on interest-rate indexing, possible expansion of Education Freedom Accounts (EFA), auditing requirements, and whether changes would favor or harm struggling districts such as Claremont.
House Bill 292, as amended, would establish a revolving loan fund allowing eligible districts to access up to 75% of adequacy funding after approvals by the commissioner of education, the state treasurer and the joint fiscal committee. Participating districts would provide monthly financial reports and could adopt a local tax-cap option.
Floor debate centered on several contested elements. Senator…
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