Section 1. Definitions. Excludes district obligations under the alternative facilities program from the definition of eligible debt service revenue.
Section 2. Debt service equalization revenue. Adjusts the first and second tier thresholds for calculating debt service equalization revenue.
Section 3. Equalized debt service levy. Indexes the first and second tier debt service equalizing factors to a percentage of the state average adjusted net tax capacity per third prior year adjusted pupil unit.
Section 4. Health and safety levy. Indexes the health and safety levy equalizing factor to a percentage of the state average adjusted net tax capacity per third prior year adjusted pupil unit.
Section 5. Alternative facilities equalization revenue. Establishes alternative facilities equalization revenue, defined as the sum of a district’s debt service levy for alternative facilities bonds and the district’s "pay as you go" alternative facilities levy.
Section 6. Alternative facilities equalization levy. Establishes alternative facilities equalization levy and indexes the equalizing factor to a percentage of the state average adjusted net tax capacity per third prior year adjusted pupil unit.
Section 7. Alternative facilities equalization aid. Establishes alternative facilities equalization aid, the difference between the alternative facilities equalization revenue and levy.
Section 8. Deferred maintenance levy. Indexes the deferred maintenance levy equalizing factor to a percentage of the state average adjusted net tax capacity per third prior year adjusted pupil unit.
All sections are effective for taxes payable in 2016 and later.
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