SB 187

This bill requires a school board to include specific financial information in a

resolution adopted by the board to exceed the school district's revenue limit by

issuing debt.

Current law generally restricts a school district's per pupil revenue raised from

state aids and property taxes in a school year to the total amount received per pupil

from state aids and property taxes in the previous school year. Current law permits

a school district to exceed this revenue limit by passing a resolution and submitting

the resolution to the electors of the school district in a referendum election. If a

majority of the electors of the school district votes to approve the referendum, the

revenue limit of the school district is increased as specified in the referendum

question.

Current law requires the school district to specify in its resolution, and in the

referendum question, the proposed excess revenue, whether the proposed excess

revenue will be for a recurring or a nonrecurring purpose, and, if for both purposes,

the amount of proposed excess revenue for each purpose. The bill requires the school

board to include in the resolution and in the referendum question the total amount

of debt to be issued, the total amount of interest and related debt service costs to be

incurred, and the sum of the principal, interest, and related debt service costs.