Engler's schools bill going to governor
Wednesday, May 14, 2008
Engler’s SB 944 was truly agree to and finally passed on May 1 in the state House of Representatives.
“School districts were practically being robbed by the state,” stated Engler. “Voters would pass a bond issue and the state would then turn around and charge tens of thousands of dollars to register the bond, which only takes a couple hours.”
Municipalities and school districts employ the sale of voter-approved bonds to fund construction projects. Current law allows the state auditor to collect ten cents for every $100 of face value of bonds being registered. For example, if a school district registers $50 million in bonds, the district has to pay the auditor a fee of $50,000.
Senate Bill 944 enacts a maximum fee of $1,000 for all bonds registered with the office.
“The current rate structure is taking money away from school districts that could be used for the intent of the bond.” Sen. Engler said. “Whether an entity is registering $1 million in bonds or $100 million in bonds, the state’s work is the same.”
The bill has moved from the legislature to the governor’s office for a signature.
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Reader Comments (1)The comments below are from readers and do not represent the views of the Daily Journal
Sean Lively posted on Thursday, May 8th, 2008 at 9:59 am
Well first of all good going Mr.Engler. But, why not get this strict with the oil companies that are reaping in world record profits, at all of our expense? These costs are ASTRONOMICAL for our schools. Its nice to see something like this get done, but are'nt there BIGGER fish to fry?
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