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Senate Bill 0199


 

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Senate Bill 0199

ARCHIVE (2001)

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DIGEST OF SB 199 (Updated April 29, 2001 8:19 PM - DI 73)

School retirement and severance plans. Provides that if a school corporation: (1) establishes after June 30, 2001, a retirement or severance plan that will require the school corporation to pay post-retirement or severance benefits to employees of the school corporation; or (2) after June 30, 2001, enters into any agreement or contract provisions that will increase the benefit or the unfunded liability under any retirement or severance provisions; the school corporation must actuarially fund the post-retirement or severance benefits or the increase in the benefits or unfunded liability. Authorizes school corporations to issue bonds to implement solutions to contractual retirement or severance liability as it existed on June 30, 2001. Provides that those school corporations may issue bonds for this purpose only one time and that the bonds must be issued before December 31, 2003. Requires a reduction in property tax levies for the school's capital projects fund, transportation fund, or art association and historical society funds to offset the debt service levy needed.
    Current Status:
     Law Enacted
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