Bill Would Let Districts in Financial Distress Borrow From or Convert Transportation Vehicle Funds; Rural Advocates Support SB 6,065
SB 6,065 would allow school districts under binding conditions or enhanced oversight to take temporary, interest-free interfund loans from transportation vehicle funds and petition to convert those loans to permanent transfers; proponents said it would help small rural districts avoid insolvency.
The full story
The Appropriations Committee heard a staff briefing and remote testimony on Senate Bill 6,065, which would allow school districts under binding conditions or enhanced financial oversight to take temporary, interest-free interfund loans from their transportation vehicle fund, petition the superintendent of public instruction to transfer money to other funds, and in some cases convert prior temporary loans to permanent transfers without repayment.
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