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Committee approves LEA capital-projects trust language; HB224 moves to finance (19-0)
Summary
The committee added an amendment requiring local legislative approval for transfers into capital projects trusts and unanimously voted 19-0 to move House Bill 224 to the finance committee.
The House Education Committee unanimously advanced House Bill 224, which authorizes local education agencies to create capital projects trusts to save and invest for long-term capital needs. The committee accepted amendment drafting code 11030 to clarify that any transfer of funds to a capital projects trust must first be approved by the local legislative body.
Representative Hasten, the sponsor, said the trust mechanism allows LEAs to save and invest for long-term capital needs while complying with state investment policies and legal standards. The committee added the sponsor's amendment (11030) without objection; the clerk recorded 19 ayes and 0 nays as the bill moved to the finance committee for further review.
Committee members had no substantive objections during the floor discussion and praised the clarification requiring local-legislative approval before fund transfers to capital-projects trusts.
