Establishes the School District Capital Improvements Investment Trust Act to allow local boards of education to fund capital improvements.
The bill establishes the School District Capital Improvements Investment Trust Act, allowing local boards of education to create investment trusts for funding capital improvements. These trusts must follow a capital improvements plan, maintain a public school fund balance, and adhere to an investment policy. The assets of the trust are protected from creditors and can only be used for capital improvements or trust administration costs. The local board of education has the power to contract for services and invest funds in legal investments.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.