HB2476 Use of Proceeds from the sale or lease of K12 Property (Norgaard - 2016)

HB2476 creates a new provision whereby all sales of items less than $100,000 can be expended at will, which will significantly reduce red tape and the administration of the sale of smaller items. In addition, the bill frees up all existing school plant funds for use on capital projects by creating prospective rules for the use of sale proceeds. For taxpayers, HB2476 keeps the same definitions for high and low debt school districts, keeps one-time monies for one-time uses, and respects the Revenue Control Limit to ensure property wealth doesn’t translate to inequitable spending. Additionally, the proposed measure reduces confusion by explicitly stating what a district will do when it sells property for more than $100,000. Finally, the bill financially incentivizes school districts to sell and lease school property to other schools, which keeps taxpayer investments in the classroom and reduces redundant capital spending.