Introduced
by
To clarify details related to the full faith and credit pledge to lenders of future state school aid money by a school district that is borrowing to cover deficit spending. Also, to establish that a fiscally failed school district under the receivership of an Emergency Manager can make an agreement with the state for direct payment to bondholders of future school aid money pledged to cover debt service on such borrowing. See also House Bill 5195.
Referred to the Committee on Appropriations
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Amendment offered
by
To clarify the application of the proposed law to school districts that have already engaged in borrowing to cover deficit spending.
The amendment passed by voice vote
Passed in the House 105 to 1 (details)
Referred to the Committee on Appropriations
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises details but does not change the substance as previously described.
The substitute passed by voice vote
Passed in the Senate 38 to 0 (details)
To clarify details related to the full faith and credit pledge to lenders of future state school aid money by a school district that is borrowing to cover deficit spending. Also, to establish that a fiscally failed school district under the receivership of an Emergency Manager can make an agreement with the state for direct payment to bondholders of future school aid money pledged to cover debt service on such borrowing. See also House Bill 5195.
Passed in the House 103 to 3 (details)
