Chapter 2New Schools Relief Act of 1979
Section § 17240
This part of the law is officially called the New Schools Relief Act of 1979.
Section § 17241
This law recognizes that due to restrictions on school districts' power to collect property taxes, there's a need to find new ways to pay for building school facilities.
Section § 17242
This law is meant to encourage cooperation between school districts, the state, and private businesses to build new school facilities in areas where the population is growing quickly. It aims to find creative ways to finance and support the construction of these schools.
Section § 17243
This section defines several terms as they are used in this chapter of the law. First, the "Board" refers to the State Allocation Board. Next, a "school district with an anticipated increase in enrollment" is one that expects more students over the next five years compared to the current year, as predicted by the district following the Board's guidelines. Finally, "private developers" are individuals or companies that own land or facilities or are involved in developing land or constructing buildings.
Section § 17244
This law allows a school district expecting more students to lease land and buildings from a private developer. They can use funds from several sources: state money for school construction, borrowed funds they're repaying to the state without changing the repayment schedule, capital reserves that align with the statute’s purpose, and proceeds from selling or leasing unneeded facilities. However, they must not disrupt payment obligations to the state or misuse any funds not intended for this purpose.
Section § 17245
This law allows a school district expecting more students to build new school facilities using certain funds. They can use money from their reserves, as long as it doesn't conflict with what those funds are typically used for. They can also use money from selling or leasing buildings they don't need, but this can't delay their debt payments to the state or change their obligations. They only keep as much money as needed for the new buildings, not more.