Vote Smart's Synopsis:

Vote to pass a bill that reorganizes rules and procedures regarding the public school foundation program account.

Highlights:

• Transfers levied school district taxes available for the public schools directly to the public school foundation program for distribution to all districts within the state to ensure revenues are available to each school district (Sec. 21-13-102).

• Requires the state treasurer to perform the following (Sec. 21-13-306):
• Properly maintain the fiscal integrity of the public school foundation program account;
• Place monies deposited into the foundation account into a 'time deposit', a deposit that may not be withdrawn by the depositor prior to the date of maturity;
• Place interest earnings on time deposit; and
• Report deposits made and interest earnings on amounts deposited to the select committee on capital financing and investments on or before November 1 of each year.

• Specifies that each district's entitlement shall be paid to the district monthly, beginning on or before July 10 of each year and on or about the tenth day of each month thereafter for 11 successive months (Sec. 21-12-313).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that reorganizes rules and procedures regarding the public school foundation program account.

Highlights:

• Transfers levied school district taxes available for the public schools directly to the public school foundation program for distribution to all districts within the state to ensure revenues are available to each school district (Sec. 21-13-102).

• Requires the state treasurer to perform the following (Sec. 21-13-306):
• Properly maintain the fiscal integrity of the public school foundation program account;
• Place monies deposited into the foundation account into a 'time deposit', a deposit that may not be withdrawn by the depositor prior to the date of maturity;
• Place interest earnings on time deposit; and
• Report deposits made and interest earnings on amounts deposited to the select committee on capital financing and investments on or before November 1 of each year.

• Specifies that each district's entitlement shall be paid to the district monthly, beginning on or before July 10 of each year and on or about the tenth day of each month thereafter for 11 successive months (Sec. 21-12-313).

Full Bill Text