The bill amends existing laws regarding school districts' authority to contract indebtedness for school construction. It allows school districts to issue bonds, notes, or other forms of indebtedness without a vote from the qualified electors for purposes specified in RCW 28A.530.010, including purchasing real or personal property. New provisions require that for certain projects, districts must have received voter approval for a construction levy, not have been under binding conditions in the previous two years, and forgo state funding assistance for the project. Additionally, the bill establishes a public notice and hearing requirement for issuing nonvoted bonds exceeding $250,000, while exempting refinancing or refunding of existing bonds from these requirements.

Furthermore, the bill modifies the conditions under which state funding assistance is allotted to school districts. It specifies that no state funding assistance will be provided for projects funded by nonvoted bonds authorized under RCW 28A.530.080. The bill also clarifies the calculation of adjusted valuation per pupil for state funding assistance, including adjustments for students enrolled in high school districts and preschool students with disabilities. Overall, the amendments aim to streamline the process for school districts to finance construction projects while ensuring accountability and transparency in the use of public funds.

Statutes affected:
Original Bill: 28A.530.080
Substitute Bill: 28A.530.080
Second Substitute: 28A.530.080, 28A.525.162