Bill Text: MO HB1946 | 2012 | Regular Session | Introduced
Bill Title: Establishes a procedure by which a school district may increase its bonded indebtedness to 20% of the district's assessed valuation rather than the current limit of 15%
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2012-03-29 - Referred: Elementary and Secondary Education (H) [HB1946 Detail]
Download: Missouri-2012-HB1946-Introduced.html
SECOND REGULAR SESSION
96TH GENERAL ASSEMBLY
INTRODUCED BY REPRESENTATIVE NETH.
4157L.01I D. ADAM CRUMBLISS, Chief Clerk
AN ACT
To amend chapter 164, RSMo, by adding thereto one new section relating to school district bonded indebtedness.
Be it enacted by the General Assembly of the state of Missouri, as follows:
Section A. Chapter 164, RSMo, is amended by adding thereto one new section, to be known as section 164.305, to read as follows:
164.305. 1. Districts that meet the following criteria may seek to increase their capacity for general obligation bonded indebtedness, in accordance with article VI, section 26(b) of the constitution, to an amount greater than fifteen percent but not more than twenty percent of the district's assessed valuation under subsection 2, 3, or 4 of this section:
(1) The district is seeking funds for the construction of facilities directly related to the delivery of the district's education program;
(2) The district is not currently financially stressed, as defined in section 161.520, nor has it been listed as financially stressed in the most recent five-year period; and
(3) At least fourteen calendar days before the board of education holds a vote to place a question on the ballot that would require increasing the general obligation bond indebtedness to an amount greater than fifteen percent but not more than twenty percent of the district's assessed valuation, the board shall post notice of a public hearing for the purpose of explaining the proposal and receiving public input, to be held not less than seven calendar days before any action to place an election on the ballot.
2. The district is growing rapidly, with a ten-year average of annual growth in average daily attendance of two percent or more, and also meets each of the following criteria:
(1) The rate of growth shall correspond with the percentage of allowable indebtedness as follows:
(a) Two percent or more: Sixteen percent indebtedness;
(b) Two and five-tenths percent or more: Seventeen percent indebtedness;
(c) Three percent or more: Eighteen percent indebtedness;
(d) Three and five-tenths percent or more: Nineteen percent indebtedness;
(e) Four percent or more: Twenty percent indebtedness; and
(2) The purpose of the funds shall be limited to the construction of facilities that will be used as classroom space or the upgrading or modernization of existing educational facilities used for instructional purposes.
3. The district's most recent assessed valuation is less than one hundred million dollars, and also meets each of the following criteria:
(1) The district's assessed valuation per average daily attendance is no greater than the median assessed valuation per average daily attendance;
(2) The total assessed valuation shall correspond with the percentage of allowable indebtedness as follows:
(a) Less than twenty million dollars: Twenty percent;
(b) Less than forty million dollars: Nineteen percent;
(c) Less than sixty million dollars: Eighteen percent;
(d) Less than eighty million dollars: Seventeen percent;
(e) Less than one hundred million dollars: Sixteen percent.
4. The district's most recent assessed valuation is more than one hundred million dollars, but the district's assessed valuation per average daily attendance is no greater than the median assessed valuation per average daily attendance, and the assessed valuation per average daily attendance shall correspond with the percentage of allowable indebtedness as follows:
(1) Less than thirty thousand dollars: Twenty percent;
(2) Less than forty thousand dollars: Nineteen percent;
(3) Less than fifty thousand dollars: Eighteen percent;
(4) Less than sixty thousand dollars: Seventeen percent;
(5) Less than seventy thousand dollars: Sixteen percent.
5. For districts qualifying under subsections 3 and 4 of this section, verification shall be required from the district's bonding company and entered on the record of the public hearing that the district does not have the capacity to:
(1) Complete a major upgrading or modernization of existing facilities that are at least thirty years old and are currently used for instructional purposes; or
(2) Complete a major project to construct new facilities that will be used for instructional purposes and will replace existing facilities that are at least thirty years old or that have been severely damaged or destroyed by fire or other natural disasters.
6. The provisions of this section shall become effective upon passage and approval of a constitutional amendment by a vote of the people increasing the indebtedness limitation imposed under article VI, section 26(b) of the constitution.
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