2005 Idaho Code - 33-906 — BOND LEVY EQUALIZATION SUPPORT PROGRAM

                                  TITLE  33
                                  EDUCATION
                                  CHAPTER 9
                                 SCHOOL FUNDS
    33-906.  BOND LEVY EQUALIZATION SUPPORT PROGRAM. (1) Pursuant to section
33-906B, Idaho Code, school districts with a value index below one (1) shall
be eligible to receive additional state financial assistance for the cost of
annual bond interest and redemption payments made on bonds passed on or after
September 15, 2002. However, any school district with a value index of less
than one and one-half (1.5), shall receive no less than ten percent (10%) of
the interest cost portion of the annual bond interest and redemption payment
for bonds passed on or after September 15, 2002. The state department of
education shall disburse such funds to school districts from moneys
appropriated from the bond levy equalization fund. The department shall
disburse the funds by no later than September 1 of each year for school
districts in which voters have approved the issuance of qualifying bonds by no
later than January 1 of that calendar year, and which are certifying a
qualifying bond interest and redemption payment for the fiscal year in which
the disbursement is made. For districts with a value index below one (1), the
percentage of each annual bond interest and redemption payment that is paid by
the state shall be determined by dividing the difference between one (1) and
the school district's value index by one (1).
    (2)  For the purposes of this section, the annual bond interest and
redemption payment shall be determined by dividing the total payment amounts
by the number of fiscal years in which payments are to be made. The interest
cost portion of the annual bond  interest and redemption payment shall be
determined by dividing the total interest paid by the number of fiscal years
in which payments are to be made. For school districts not qualifying for a
state payment in the first year of the bond interest and redemption payment
schedule, due solely to the January 1 eligibility deadline, the state
department of education shall distribute an additional payment in the next
fiscal year, in the amount of such funds that the school district would have
otherwise qualified for in the current fiscal year.
    (3)  The provisions of this section may not be utilized to refinance
existing debt or subsidize projects previously subsidized by state grants;
provided however, that any school district that has issued qualifying bonds
prior to June 30, 2004, in conformance with this section shall not be deemed
to be refinancing existing debt when the qualifying bonds are utilized to
finance the acquisition of public school facilities previously leased or
financed through means other than the issuance of general obligation bonds
approved by a two-thirds (2/3) vote at an election called for that purpose
subject to subsection (5) of this section.
    (4)  School districts shall annually report the status of all qualifying
bonds to the state department of education by January 1 of each year,
including bonds approved by the voters, but not yet issued. Information
submitted shall include the following:
    (a)  The actual or estimated bond interest and redemption payment
    schedule;
    (b)  Any qualifying bond that has been paid off;
    (c)  Other information as may be required by the state department of
    education.
    (5)  No school district eligible for participation in the bond levy
equalization support program shall be deemed ineligible for participation due
to that school district's eligibility and prior participation in the safe
school facilities loan and grant program or the Idaho safe schools facilities
program under section 33-804A, 33-1017 or 33-1613, Idaho Code, provided that:
    (a)  Such school district notifies the state department of education of
    its desire and eligibility to participate in the bond levy equalization
    support program; and
    (b)  Such school district shall receive no state financial assistance
    under the bond levy equalization support program until the amount to which
    it would otherwise have been entitled to receive shall equal the amounts
    received by the school district under the safe school facilities loan and
    grant program or the Idaho safe schools facilities program under section
    33-804A, 33-1017 or 33-1613, Idaho Code.