|SB 5895 - DIGEST|
|(SUBSTITUTED FOR - SEE 1ST SUB)|
Modifies the state expenditure limit.
Increases funds in the education legacy trust account from real estate excise taxes, public utility taxes, solid waste collection taxes, and unclaimed state lottery prizes.
Requires the department of revenue, if a certain contingency occurs, to annually estimate the anticipated net increase in state sales tax revenues resulting from remote sellers collecting and remitting sales tax on retail sales to buyers located in this state.
Declares it is the intent of the legislature: (1) That first priority for the state's general obligation bond capacity must be for capital budget appropriations necessary to support the state assistance program to assist school districts in the construction and ownership of local school plant facilities; and
(2) To meet its obligation to fund the common school system of the state by reducing future debt service payments by the state.