Currently, when a district votes a tax increase after reassessment, the recalculated levy is eliminated and the actual operating levy is used to calculate state aid. Certain districts qualify for minimum salary aid under this section. The act revises these criteria and removes the limitation that such payment may only be received for the first three years the district is qualified for such aid. Financially stressed districts are exempted for the new criteria and may qualify for minimum salary aid by complying with requirements for financially stressed districts. 164.161 - School district debt may not exceed the maximum percentage authorized pursuant to the Constitution.
Current law limits debt to ten percent of the district's assessed valuation.
This section has an emergency clause. 164.221 - Redeemed bonds of school districts may be destroyed by the financial institution acting as the paying agent. 165.011 - State aid based upon any part of the debt service or capital projects fund levy shall be placed to the credit of that fund. 165.031 - The act removes some technical requirements concerning issued of duplicate checks for lost or destroyed checks. 165.221 - The act removes technical requirements regarding the division of school funds for bids by financial institutions seeking deposit of such funds.