Exempts school refunding bond issuances from prior Local Finance Board approval under certain circumstances.*
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill changes the rules for how school districts refinance their debt. Currently, school refunding bond issuances needed approval from the Local Finance Board beforehand. This bill exempts certain school refunding bond issuances from that prior approval, as long as the refinancing is expected to result in significant savings in debt service payments. Specifically, districts can issue refunding bonds without board approval if the savings meet a minimum threshold, as determined by the Local Finance Board’s rules.
Bill text
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Document of record
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- Senate Committee Substitute
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Sponsors
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3 on record
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