Debt-free schools act passes Colorado House
April 1, 2016
The Colorado House of Representatives gave final approval Friday to the Debt-Free Schools Act, sponsored by Rep. Diane Mitsch Bush, D-Steamboat Springs, and Rep. Jon Becker, R-Fort Morgan. The act would give school districts the power to seek voter approval to fund school construction and maintenance needs through an additional mill levy.
"Right now, schools can't plan ahead when it comes to funding for construction and maintenance," Mitsch Bush said in a news release. "Because of that, they end up going into debt and end up paying for debt service out of their operating budgets. This bill gives schools an option to raise funds and pay as they go for construction costs, which means more money for our classrooms."
HB16-1354 specifies that revenue raised from such a mill levy may earn interest and must be used for the sole purpose of paying for the capital construction and facility maintenance needs of that district.
The 53-12 House vote sends the bill to the Senate.