2277 AMH .... H4922.1

2277 AMH .... H4922.1

HB 2277 - H AMD 852 WITHDRAWN 2-12-98

By Representative

On page 2, after line 18, insert the following:

"Sec. 2. RCW 28A.525.168 and 1990 c 33 s 458 are each amended to read as follows:

Whenever the voters of a school district authorize the issuance of bonds and/or the levying of excess taxes or whenever a school district has matching funds from other sources in an amount sufficient to meet the requirements of RCW 28A.525.162 respecting eligibility for state assistance in providing school facilities, the taxable valuation of the district and the percentage of state assistance in providing school facilities prevailing at the time of such authorization shall be the valuation and the percentage used for the purpose of determining the eligibility of the district for an allotment of state funds and the amount or amounts of such allotments, respectively, for all projects for which the voters authorize capital funds or when other school district funds are available as aforesaid, unless a higher percentage of state assistance prevails on the date that state funds for assistance in financing a project are allotted by the state board of education in which case the percentage prevailing on the date of allotment by the state board of funds for each project shall govern: PROVIDED, That if the state board of education determines at any time that there has been undue or unwarranted delay on the part of school district authorities in advancing a project to the point of readiness for an allotment of state funds, the taxable valuation of the school district and the percentage of state assistance prevailing on the date that the allotment is made shall be used for the purposes aforesaid: PROVIDED, FURTHER, That the date herein specified as applicable in determining the eligibility of an individual school district for state assistance and in determining the amount of such assistance shall be applicable also to cases where it is necessary in administering chapter 28A.540 RCW to determine eligibility for and the amount of state assistance for a group of school districts considered as a single school administrative unit.

NEW SECTION. Sec. 3. A new section is added to chapter 28A.525 RCW to read as follows:

Any school district that enters into a financing contract, including conditional sales contracts, financing leases, lease-purchase contracts, refinancing contracts, or real estate leases that contain an option to purchase, but not operating or true leases, the financing contract is subject to the indebtedness limit contained in RCW 39.36.020(3)."

Correct the title accordingly.

EFFECT: Allows school districts to use money other than a voter approved bond levy to qualify for state school construction assistance. Specifies that any financing contract for real estate shall be subject to the district debt limit.