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Committee adopts amendment and sends bill creating school capital-projects trusts to finance
Summary
The committee added an amendment clarifying local legislative approval of transfers into LEA capital projects trusts and voted 19–0 to move House Bill 224 to the finance committee. The bill creates a mechanism for LEAs to save and invest for long-term capital needs under state oversight.
The House Education Committee unanimously approved an amendment and forwarded House Bill 224 to the finance committee on Wednesday.
Sponsor Representative Haston explained the bill establishes permissive authority for local education agencies to create capital projects trust funds that allow LEAs to save and invest for long-term capital needs. An adopted drafting amendment (11030) clarifies that any transfer of funds to a capital projects trust must first be approved by the local legislative body.
Committee members voted without objection to add the amendment, and the clerk recorded 19 ayes, 0 nays. "This bill establishes the permissive authority for LEAs to create a capital projects trust, allowing an LEA to save and invest for long term capital needs," the sponsor said during the hearing.
The bill includes requirements that trusts be approved by the state funding board and comply with established investment policies and legal standards. The committee action sends the measure to the House finance committee for further consideration.
What happens next: The finance committee will review the bill's fiscal implications and any additional policy changes before it returns to the House calendar.
