Bill > SB229

This bill requires a public vote to approve certain financial agreements made by school districts for acquiring or constructing property and equipment. Specifically, if a school district plans to enter into an installment purchase contract, lease-purchase agreement, or issue capital outlay certificates (which are essentially loans for school facilities) that will obligate the district for future payments exceeding a certain threshold or have a maturity date longer than ten years, the school board must now refer the matter to the voters for approval. Previously, some of these agreements could be approved without a public vote, or with a less stringent process. The bill also outlines specific election dates when such matters can be voted on and requires a 60% affirmative vote for approval, with provisions for re-submitting the question if it fails.

Education

https://sdlegislature.gov/#/Session/Bill/26498