Education: financing; sinking funds to be used for teacher housing; allow. Amends secs. 11a, 1141, 1212 & 1351a of 1976 PA 451 (MCL 380.11a et seq.).
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill allows school districts to create sinking funds specifically for teacher housing. It amends existing state law to clarify how these funds can be used, primarily for acquiring or constructing housing for public school employees. The bill also updates definitions related to technology and bonding procedures, expanding the use of sinking funds to include technology acquisition and improvements, and clarifies restrictions on borrowing for technology upgrades.
Key provisions
- Allows school districts to establish sinking funds for teacher housing.
- Specifies that sinking funds can be used for acquiring, constructing, or renovating housing for public school employees.
- Updates the definition of ‘technology’ to include hardware, software, and related services.
- Clarifies restrictions on borrowing for technology upgrades, prohibiting funds for operating system upgrades, media, training, and maintenance.
- Requires annual audits of sinking fund activities and submission of reports to the Department of Treasury.
- Allows residents to sue school districts to enforce sinking fund regulations.
- Expands the types of projects that can be financed with sinking fund bonds to include technology acquisition and improvements.
- Details the allowable uses of sinking fund proceeds, including technology, school security, and student transportation.
Who is affected
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