Its maximum size depends on the district's bonded indebtedness and the approval percentage of voters. These institutions are able to provide longer terms to school districts to fund critically needed facility improvements. Any SPFL must be authorized by the necessary percentage of local voters. Without further action the two changes would revert to the current limits at the end of 2002. There is no fiscal impact to the state government.
Any increase is subject to approval by voters in the district.
An increase in the length of the levy will in many cases decrease the annual tax impact on the local property owner by spreading the cost over a longer period.