SB 192

This bill requires the Department of Public Instruction to provide matching

funds for deposits that a school board makes to a long-term capital improvement

trust fund. The required match is equal to 50 percent of the total amount deposited

in the previous school year. The bill also requires DPI to make a one-time payment

to school boards for any funds deposited in a long-term capital improvement trust

fund before July 1, 2017. A long-term capital improvement trust fund is a fund

created by a school board for the purpose of financing the costs of the capital

improvements included in the school board's approved long-term capital

improvement plan.

Under the bill, if a school board adopts a resolution to increase the school

district's levy limit for operating costs or capital costs, the school board is required

to refund to DPI any matching funds it received for a deposit to a long-term capital

improvement trust fund during the ten school years immediately preceding the

resolution. If a school board fails to refund the amount of the matching funds to DPI

within 12 months, DPI must reduce the school district's state aid to cover the amount

due.