ECSheading
From the ECS State Policy Database
Finance--Bonds


Education Commission of the States • 700 Broadway, Suite 810 • Denver, CO 80203-3442 • 303.299.3600 • fax 303.296.8332 • www.ecs.org

This database is made possible by your state's fiscal support of the Education Commission of the States (ECS). Most entries are legislative, although rules/regulations and executive orders that make substantive changes are included. Every effort is made to collect the latest available version of policies; in some instances, recent changes might not be reflected. For expediency purposes minimal attention has been paid to style (capitalization, punctuation) and format.

Please cite use of the database as: Education Commission of the States (ECS) State Policy Database, retrieved [date].

State Status/Date Level Summary
ARAdopted Regulations 10/2014P-12Calculation of Miscellaneous Funds
ADC 005.04.15-1.00 - ADC 005.04.15-5.00
Provides the process and procedures necessary to calculate the miscellaneous funds used in both state foundation funding aid and bonded debt assistance calculations.
http://www.arkansased.org/public/userfiles/rules/Current/Misc_Funds_ADE_337_Final_Oct_2014.pdf...

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CASigned into law 09/2014P-12School Facilities
A.B. 1979
From bill summary: Provides that the term "project" for purposes of financing or refinancing under the California School Finance Authority Act may include reimbursement for the costs of acquisition, construction, expansion, remodeling, renovation, improvement...

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ILSigned into law 08/2014P-12Bonded Indebtedness
S.B. 3113
From bill summary: Amends the Conversion and Formation of School Districts Article of the School Code. Requires the county clerk, upon resolution of a school board, to extend taxes to pay the principal of and interest on any general obligation bonds issued by ...

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AKSigned into law 05/2014P-12School Funding
H.B. 278
Section 21. For purposes of school construction debt, changes the grant cost share from 60% state, 40% local, to 50/50.
Sections 27, 28, and 29. Increases the base student allocation in 2014, 2015, and 2016.
Section 55. Provides additional funding for schools...

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IDSigned into law 04/2014P-12Lottery Proceeds Bond Levy Equalization
H.B. 478
Allows the state to continue providing funding from State Lottery proceeds to help defray the cost of the public schools' Bond Levy Equalization program and removes the September 30, 2014, sunset. HB 275 (2009) provided that future increases in State Lottery d...

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UTSigned into law 04/2014P-12K-12 Bond Projects
H.B. 170
Requires a school board to specify, in the voter information pamphlet for a bond election, a plan of finance, including the specific project(s) for which a bond is to be issued, and a priority designation for each project. Requires the board to ensure that qua...

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IDSigned into law 03/2014P-12Bonding Authority of School Subdistricts
H.B. 621
Clarifies that a school subdistrict may bond for the same purposes for which a regular school district may bond.
http://legislature.idaho.gov/legislation/2014/H0621.pdf...

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CASigned into law 10/2013P-12
Community College
School District and Community College District Bonds
A.B. 182
From bill summary: Requires the ratio of total debt service to principal for each bond series to not exceed 4 to one. Requires each bond that allows for the compounding of interest, including, but not limited to, a capital appreciation bond, maturing more than...

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CASigned into law 08/2013P-12School Bond Accountability
S.B. 581
From bill summary: Requires the results of a district's annual independent performance and financial audit (required if a bond proposition includes specified accountability requirements) to be submitted to the district's citizens' oversight committee at the sa...

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TXSigned into law 06/2013P-12Guarantee of Refunding or Refinanced Charter School Bonds
H.B. 885
From fiscal note: Allows for refunding or refinanced bonds issued by an open-enrollment charter school to be guaranteed by the Permanent School Fund through the bond guarantee program, up to one-half of the total amount available for the guarantee of charter d...

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TXSigned into law 06/2013P-12District Time Warrants
H.B. 2610
From fiscal note: Increases the allowable maturity period for an interest-bearing time warrant issued by a school district from 5 years to 15 years. Allows a school district to issue interest-bearing time warrants to refund previously-issued warrants if the re...

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MTVetoed 04/2013P-12Revises School Bonding Limits
H.B. 301
Increases the debt capacity of school districts by 100 percent.
http://leg.mt.gov/bills/2013/billpdf/HB0301.pdf
Veto message: http://leg.mt.gov/bills/2013/AmdHtmH/HB0301GovVeto.pdf...

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MEBecame law without governor's signature 04/2013P-12An Act To Raise the School Construction Bond Cap
H.P. 73
Allows the state board to approve projects as long as no project approval will cause 5 debt service costs to exceed the specified maximum limits in subsequent fiscal years.
http://www.mainelegislature.org/legis/bills/getPDF.asp?paper=HP0073&item=2&snum=126...

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IDSigned into law 03/2013P-12School District's Ability to Bond for Capital Projects
H.B. 218
Addresses school district's ability to bond for capital projects. It clarifies the allowed length and repayment schedule for bonds and places new powers for rule making with the board of trusties.
http://www.legislature.idaho.gov/legislation/2013/H0218.pdf ...

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NMSigned into law 03/2013Postsec.College District Bonds for Hard and Software
S.B. 39
Amends the College District Tax Act to expand the purpose of bonds issued pursuant to the act to include purchase and installation of computer hardware and software and to
repeal the prohibition of issuing bonds for less than a five-year period.
http://www.nml...

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ARSigned into law 02/2013P-12District Bonds
S.B. 139
Amends how the state helps financially-distressed school districts pay off bonds. Requires the Arkansas Department of Education to withhold funding sufficient to reimburse the state treasury for helping districts avoid bond defaults, if district does not repay...

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CASigned into law 09/2012P-12
Community College
Paying Interest on Bond Notes via Property Tax
A.B. 794
From bill summary: Instead of requiring the interest on school district or community college district bond anticipation notes notes to be paid from the tax levied to pay the principal of and interest on the bonds, authorizes the interest on the notes to be pai...

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CASigned into law 07/2012P-12
Community College
School Bonds: Citizens' Oversight Committee
A.B. 1199
Requires that members of an independent citizens' oversight committee (established by a district or community college if voters approve financing for certain types of school facilities) serve for a minimum term of 2 years without compensation and for no more t...

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ALSigned into law 05/2012P-12BRAC Districts, Use of BRAC Bonds Funds for School Bus Fleets
H.B. 407
Changes the baseline date for the Base Realignment and Closure (BRAC) Distributions provisions in the education code from January 1, 2010 to January 1, 2006. Increases the amount the Alabama Public School and College Authority is authorized to issue bonds for ...

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FLSigned into law 04/2012P-12District School Board Bonds
H.B. 465
Extends the allowable time period for school district bonds from 20 years to 30 years. Streamlines the language defining when bonds are to be made recallable. http://www.myfloridahouse.gov/Sections/Documents/loaddoc.aspx?FileName=_h0465er.docx&DocumentType=Bil...

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ORSigned into law 07/2011Postsec.Capitol Construction
H.B. 5006
Limits for six-year period beginning July 1, 2011, payment of expenses from other funds collected or received by various state agencies for capital construction. Limits expenditures from federal funds collected or received by Oregon Department of Aviation and ...

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OHSigned into law 06/2011P-12Transfers from School District Bond Fund or Bond Retirement Fund
H.B. 153 - Transfers from School District Bond Fund or Bond Retirement Fund
From bill analysis: Authorizes transfers from a bond fund or bond retirement fund to a permanent improvement fund, even if all of the obligations payable from the fund have not been retired. Limits the availability of this new option to school districts that r...

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ORSigned into law 06/2011P-12Capital Costs
S.B. 18
Establishes statutory provisions required for Superintendent of Public Instruction to borrow money pursuant to Article XI-P of Oregon Constitution for capital costs of school districts. Establishes School Capital Matching Fund to replace school capital matchin...

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NVSigned into law 05/2011Postsec.Bonds
A.B. 478
Existing law authorizes the Board of Regents of the University of Nevada to issue bonds and other securities to finance certain projects at the University of Nevada, Reno, in a total principal amount not exceeding $312,695,000. This bill increases the authoriz...

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NVVetoed 03/2011P-12Outstanding Bonds
A.B. 183
Revises the provisions regarding the establishment and maintenance of a reserve account for payment of the outstanding bonds of a school district.
http://www.leg.state.nv.us/Session/76th2011/Bills/AB/AB183_EN.pdf...

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MTSigned into law 03/2011P-12Authority to Finance Energy Conservation Measures
H.B. 182
From the fiscal note: HB 182 extends the debt repayment period for Montana school districts to borrow funds through the Board of Investments from 10 to 15 fiscal years at no cost to the state. The bill allows local governments to issue bonds or notes, without ...

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ARSigned into law 03/2011P-12Clarifying Definitions
H.B. 1527
Clarifies definitions related to bonded debt assistance for school districts.
http://www.arkleg.state.ar.us/assembly/2011/2011R/Acts/Act266.pdf...

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SDSigned into law 03/2011Community CollegeFinance - Bonds
H.B. 1228
An act to increase the bonding limit of the four technical institutes.
1-16A-77. The aggregate outstanding principal amount of bonds, notes, or other obligations of the authority which are payable out of receipts, rentals, and other payments made pursuant to ...

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AZTo governor. 04/2010P-12Sale of Bonds
H.B. 2725--Multiple Provisions
Upon request of the school district, allows monies earned as interest or otherwise derived from the investment of the proceeds of the sale of bonds to be deposited to the Bond Building Fund if federal laws or rules require the intest to be used for capital exp...

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ORChaptered. Chapter No. 906 08/2009Postsec.Postsecondary Facilities
S.B. 5535
Relates to the use of lottery bonds on a specified river channel deepening project, for higher education capital construction, deferred maintenance, code compliance and safety projects, to provide financial assistance to aid in acquisition, renovation, or main...

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OHSigned into law 07/2009P-12Big Eight District Facilities and Joint Vocational District Bonded Indebtedness
H.B. 1 - Section 3318.38, 3318.44
Makes various changes to the accelerated urban school building assistance program for Big Eight districts. Amends provisions related to the bonded indebtedness of joint vocational school district boards
Pages 1351-1354 of 3120: http://www.legislature.state.oh...

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ORSigned into law 07/2009P-12Finance
H.B. 2414
Prescribes ballot titles and explanatory statements for specified House Joint Resolutions concerning low-interest homeownership loans for state veterans and the issuance of state bonds to match voter approved school district bonds for school capital costs; dir...

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TXSigned into law 06/2009P-12Providing Credit Enhancement for Bonds
H.B. 3646 - Section 75
Adds "Intercept Program to Provide Credit Enhancement for Bonds," subchapter I, to Chapter 45 of the Education Code. Enhances districts' ability to borrow funds to cover capitol construction costs. Adds "Open-Enrollment Charter School Facilities Credit Enhance...

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TXSigned into law 06/2009P-12Bonds
H.B. 3646 - Sections 69-72
Section 69: Adds new section 45.0531. Authorizes the state board by rule to establish a percentage of the cost value of the permanent school fund to be reserved from use in guaranteeing bonds.
Section 70: Requires districts seeking state guarantee of eligible ...

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TXSigned into law 06/2009P-12District Finance
H.B. 3646 - Sections 66-68 and 86
Section 66: Establishes provisions allowing a school district to adopt a budget after the district adopts a tax rate for the tax year in which the fiscal year covered by the budget begins. Section 86 makes a conforming change in the Tax Code.
Section 67: Adds ...

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MTSigned into law 04/2009P-12Bonding Capacities
H.B. 513
Allows bonding capacities to be combined in high school districts with an attached elementary district. (Deletes the requirement that the total indebtedness of the high school district with an attached elementary district is limited to the sum of 50% of the ta...

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LASigned into law 07/2008P-12Public Benefit Corporations
H.B. 1054
Authorizes city, parish, and other local public school boards to create public benefit corporations and enter into contracts for the improvement and management of school property. Authorizes any public benefit corporation so created to issue negotiable revenue...

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IDSigned into law 04/2008P-12Finance
H.B. 673
Makes an appropriation for the Division of Facilities portion of the Public Schools budget; provides for the transfer and appropriation of moneys to the Bond Levy Equalization Fund; limits funds distributed to the General Fund from cigarette and tobacco produc...

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MSSigned into law 03/2008P-12Bonded Indebtedness
S.B. 2995
Provides that the bonded indebtedness limit for school districts in which the total number of students enrolled at any one time during the school has increased a certain average shall have a certain assessed value of the taxable property in the district.
http:...

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SDSigned into law 03/2008Community CollegeFinance
H.B. 1218
Increases the maximum allowable outstanding amount of bonds issued by the Health and Educational Facility Authority on behalf of four technical institutes.
http://legis.state.sd.us/sessions/2008/Bills/HB1218ENR.pdf...

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IDSigned into law 03/2008P-12Finance
H.B. 457
Amends existing law to clarify that the Bond Levy Equalization Support Program for school districts; applies to actual projects that were previously eligible.
Chapter No. 70
http://www3.idaho.gov/oasis/H0457.html...

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TXUnofficially approved by Voters. 11/2007Postsec.
Community College
Bonds to Finance Student Loans
V. 2
(PROPOSITION 2; SJR 57 2007)Proposes a constitutional amendment to provide for the issuance of a specified amount of general obligation bonds to finance educational loans to students and for authority to enter into bond enhancement agreements with respect to g...

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NVSigned into law 06/2007Postsec.
Community College
Increased Bonding Authority
S.B. 455
Increases revenue bonding authority of the Nevada System of Higher Education.
http://www.leg.state.nv.us/74th/Bills/SB/SB455_EN.pdf...

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NVSigned into law 06/2007P-12Financial Administration
A.B. 615
If a municipality proposes to issue or incur general obligation bonds, the proposal must be submitted to the electors at an election. Provides that such a question may authorize the transfer of any excess revenue generated to the fund for capital projects of t...

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TXSigned into law 05/2007P-12Texas Public Finance Authority
H.B. 1400
Relates to the issuance by a corporation established by the Texas Public Finance Authority of revenue bonds for open-enrollment charter school facilities.
http://www.capitol.state.tx.us/tlodocs/80R/billtext/pdf/HB01400F.pdf...

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MTSigned into law 04/2007P-12General Obligation Bonds
H.B. 672
Raises the maximum amount of debt a school district can incur through the issuance of general obligation bonds and certain other long term obligations from 45% of district taxable
valuation to 50% (100% for a K-12 district). Increases the amount of debt a dist...

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ARSigned into law 04/2007P-12Funding
S.B. 274 (Finance)
Section 32 of the act repeals code concerning eligibility for isolated schools funding; Section 30 properly replaces the isolated schools language into another section of code; Section 33 amends the requirements for qualification to receive supplemental millag...

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LAIssued 11/2006Postsec.
Community College
Bond Allocation and Student Loans
E.O. 46
Provides an allocation from the 2006 ceiling to be used to finance student loans which, if the student meets certain timely payment requirements, will have interest rates below the interest rates established by the U.S. Department of Education. http://gov.loui...

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MISigned into law 07/2006P-12School District Bond Issuance
H.B. 6069
Allows boards of local or intermediate school districts to borrow money by issuing notes to secure funds for school operations or to pay previous loans obtained for school operations in the event of the unavailability or insufficiency of state school aid for a...

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ILSigned into law 06/2006P-12Debt Limitations
S.B. 857
Relates to the debt limitations of school districts. Provides that bonds issued by a community consolidated school district maintaining grades K through 8 shall not be considered indebtedness for purposes of statutory limitations and may be issued in an amount...

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ARSigned into law 04/2006P-12Bonded Indebtedness
H.B. 1007
Removes the statutory limitation on bonded indebtedness for school districts.
http://www.arkleg.state.ar.us/ftproot/bills/2006S1/public/HB1007.pdf...

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ILSigned into law 10/2004P-12School District Tax Levy
H.B. 759
Amends the School Code. Provides that a community unit school district may issue bonds up to a specified amount if the district has a specified equalization valuation and a specified daily attendance if the bonds are issued to build, equip and repair specified...

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CAVetoed 09/2004P-12School Districts: Reorganizations
A.B. 2841
Permits a county committee on school district organization to abolish a common governing board of an elementary school district and a high school district upon a vote of the electors of the school districts. Provides that an election relating to a school distr...

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ILVeto overridden by both houses of legislature 07/2004P-12Condemned School Repair Financing
H.B. 753
Amends the Property Tax Code and the School Code. Allows a school district located in a county subject to the Property Tax Extension Limitation Law, with a total enrollment of a certain number of students, and that had a school building condemned to levy an an...

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HISigned into law 06/2004P-12
Postsec.
Community College
Revenue Bonds for Not-for-Profit Education Facilities
S.B. 3086
Relates to special purpose revenue bonds for Island Pacific Academy. The legislature finds and determines that the planning and construction constitute a project as defined in part VIII, chapter 39A, Hawaii Revised Statutes, and the financing of such a project...

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AZSigned into law 06/2004P-12Impact Aid Bonds
H.B. 2010
Removes the restriction on accommodation school districts located on a military base from issuing impact aid revenue bonds.  The district may hold an election to raise impact aid revenue bonds but may not issue the bonds until after the Federal Base Relocation...

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IDSigned into law 03/2004P-12Bond Levy Equalization Program
H.B. 780
Amends existing law relating to the Bond Levy Equalization Support Program to prohibit utilization of assistance pursuant to the program for projects previously subsidized by state grants; provides that an otherwise eligible school district shall not be deemed...

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NMPartial Veto, November 2004 Ballot 03/2004P-12
Postsec.
Capital Projects
H.B. 294
Authorizes the issuance and sale of capital projects general obligation bonds to make capital expenditures for senior citizen facility improvements and acquisitions, for higher educational capital improvements and acquisitions, for water project improvements, ...

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CAApproved by voters 03/2004P-12
Postsec.
Community College
K-20 Facilities Bond Issue
Proposition 55 (AB 16)
Enacts the Kindergarten - University Public Facilities Bond Act of 2004 for $12.3 million; funds education facilities to relieve overcrowding and repair of older schools; funds upgrade and new classrooms in the California Community Colleges, the California Sta...

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OHDid Not Pass 11/2003Postsec.Bonds from Infrastructure
State Issue 1
Constitutional Amendment that authorizes state and local governments to issue bonds and provide other financial assistance to support "science and technology based research and development purposes," including biomedical and other research, new product develop...

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COSigned by Governor 05/2003P-12Tax Exempt Bond Financing
H.B. 1363
Repeals the statutory provisions that prohibit a religious entity from receiving tax-exempt bond financing through the Colorado educational and cultural facilities authority. http://www.leg.state.co.us/2003a/inetcbill.nsf/fsbillcont/B8D12A394DB4C10487256CFC005...

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IDSigned into law 04/2003P-12School Bond Equalization Levy
H.B. 319
Relates to the school bond levy equalization support program to change the time limitations which govern certain bond and bond levy amounts; provides a special application of state payment provisions; requires reports by school districts. http://www3.state.id....

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AKApproved by voters 11/2002P-12Bonds to Support Education Facilities
Bonding Proposition C
State General Obligation Educational and Museum Facility, Design, Construction, and Major Maintenance Bonds $236,805,441. An Act relating to the issuance of general obligation bonds for the purpose of paying the cost of design, construction, and major mainten...

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CAApproved by voters 11/2002P-12
Postsec.
Kindergarten - University Public Education Facilities Bond Act of 2002
Proposition 47
Kindergarten - University Public Facilities Bond Act of 2002. (http://www.ss.ca.gov/elections/elections_j.htm#2002General)...

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NMApproved by voters 11/2002P-12Capital Projects General Obligation Bonds
General Obligation Bonds
Bonds B and C: Authorizes the issuance and sale of capital projects general obligation bonds for various capital expenditures including public education capital improvements and acquisitions. (http://www.sos.state.nm.us/Election/02General/GOEng.pdf)...

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NVRejected by voters 11/2002P-12Exemption from State Debt Limits
Ballot Question 7
The proposal to amend the Nevada Constitution would allow an exemption from the state debt limit for the improvement, acquisition or construction of public elementary and secondary schools. Approval of this proposal does not increase bonded indebtedness in the...

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ORApproved by voters 11/2002P-12General Obligation Bonds For Seismic Rehabilitation Of Public Education Buildings
Measure 15
(SJR 21) Amends Constitution: Authorizes State To Issue General Obligation Bonds For Seismic Rehabilitation Of Public Education Buildings (Defined) (http://sos-venus.sos.state.or.us:8080/elec_srch/web_irr_search.record_detail?p_reference=20020302..QSCYYY)...

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VAApproved by voters 11/2002P-12Educational Facilities
Bond Issue, Question 1
Approving general obligations bonds authorized by Chapters 827 and 859, Acts of the General Assembly of 2002 in the maximum amount of $900,488,645 according to Article X, Section 9(b) of the Constitution of Virginia for capital projects for educational facilit...

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MISigned into law 04/2002P-12Bond Authority to Fund Deficits
H.B. 5415
Amends a section of the Revised School Code relating to a school district's bond authority to fund a deficit....

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MESigned into law 04/2002P-12Bond Issue Authorized
H.B. 1628
Authorizes a $28,500,000 General Fund bond issue to capitalize the School Revolving Renovation Fund, to provide grants to public educational institutions to install sprinkler systems in dormitories, to renovate the Harlow Office Building and to provide a cente...

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ALAct No. 03/2002P-12Bonding Authority
S.B. 517
Authorizes Public School and College Authority to sell and issue aggregate principal amount of Bonds, in addition to all other bonds previously issued by the Authority; provides funds to pay the cost of workforce development, education and training and the acq...

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IDSigned into law 03/2002P-12Sales Taxes May Refund Some School Bonds
S.B. 1424
Amends existing law to authorize the pledge of state sales tax moneys for payment of refunding school bonds issued on and after March 1, 1999, for voter approved bonds which were voted upon by the electorate prior to March 1, 1999....

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MISigned into law 03/2002P-12District Bonding/Borrowing Authority
H.B. 5414
Makes a technical amendment to the section of the Revised School Code relating to school district borrowing and bond authority....

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MISigned into law 03/2002P-12Bond Authority for Districts Housing Voc./Tech. Ed. Program
H.B. 5408
Amends the provision of law relating to the bond authority an intermediate school district in which an area vocational-technical education program is established under the Revised School Code....

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MISigned into law 03/2002P-12School District Bond Authority
H.B. 5407
Amends a section of the provision of law related to school district bond authority under the Revised School Code....

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MISigned into law 03/2002P-12District Bonding/Borrowing Authority
H.B. 5413
Makes a technical amendment to the Revised School Code relating to the bonding or borrowing authority of school districts....

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MSSigned into law 03/2002P-12Use of Bond Funds
S.B. 2695
Relates to school board investment of surplus funds; provides they may be invested in the same manner as 16th Section funds....

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RIBecame law without GOVERNOR'S signature 07/2000P-12Bonds
S.B. 3067
Relates to municipal public building authorities; provides that in calculating the limitations of revenue bonds, there shall not be included in the calculation 50% of the outstanding principal amount of any bond issued for projects for which the authority or m...

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