Establishes a revolving loan fund for school districts to assist with cash flow in anticipation of adequacy payments.
The bill establishes a school district adequacy revolving loan fund in the state treasury to help districts with cash flow in anticipation of adequacy payments from the state. The fund will provide loans to school districts, with the total outstanding loans not exceeding 75% of the total adequacy funding for any given year. School districts must report monthly on their financial status and audits. The fund will be used for revenue anticipation notes, but districts cannot have outstanding obligations under such notes.
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