Bill Text: MI SB0261 | 2023-2024 | 102nd Legislature | Introduced
Bill Title: School aid: supplemental; allocation to certain school districts to pay down debt; provide for. Amends sec. 11 of 1979 PA 94 (MCL 388.1611) & adds sec. 22o.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2023-04-12 - Referred To Committee On Appropriations [SB0261 Detail]
Download: Michigan-2023-SB0261-Introduced.html
SENATE BILL NO. 261
A bill to amend 1979 PA 94, entitled
"The state school aid act of 1979,"
by amending section 11 (MCL 388.1611), as amended by 2023 PA 3, and by adding section 22o.
the people of the state of michigan enact:
Sec. 11. (1) For the fiscal year ending September 30, 2022, there is appropriated for the public schools of this state and certain other state purposes relating to education the sum of $14,511,014,700.00 from the state school aid fund, the sum of $98,119,400.00 from the general fund, an amount not to exceed $72,000,000.00 from the community district education trust fund created under section 12 of the Michigan trust fund act, 2000 PA 489, MCL 12.262, and an amount not to exceed $100.00 from the water emergency reserve fund. For the fiscal year ending September 30, 2023, there is appropriated for the public schools of this state and certain other state purposes relating to education the sum of $16,754,072,900.00 from the state school aid fund, the sum of $124,200,000.00 $139,375,000.00 from the general fund, an amount not to exceed $72,000,000.00 from the community district education trust fund created under section 12 of the Michigan trust fund act, 2000 PA 489, MCL 12.262, and an amount not to exceed $140,400,000.00 from the MPSERS retirement obligation reform reserve fund created under section 147b. In addition, all available federal funds are only appropriated as allocated in this article for the fiscal years ending September 30, 2022 and September 30, 2023.
(2) The appropriations under this section are allocated as provided in this article. Money appropriated under this section from the general fund must be expended to fund the purposes of this article before the expenditure of money appropriated under this section from the state school aid fund.
(3) Any general fund allocations under this article that are not expended by the end of the fiscal year are transferred to the school aid stabilization fund created under section 11a.
Sec. 22o. From the general fund money appropriated under section 11, the following amounts are allocated for 2022-2023 to a district that has been dissolved under section 12 of the revised school code, MCL 380.12, but retains a limited separate identity under that section for the limited purpose of the debt of the district and that levies 13 mills for satisfaction of debt in the name of the dissolved district:
(a) An amount not to exceed $1,175,000.00 to be used only to pay off the remaining bonded debt of the district.
(b) An amount not to exceed $14,000,000.00 to be used only to pay off the remaining amount owed by the district to the school loan revolving fund created in section 16c of the shared credit rating act, 1985 PA 227, MCL 141.1066c.
