PRINTER'S NO. 1865
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No.
1485
Session of
2019
INTRODUCED BY DeLUCA, BERNSTINE, A. DAVIS, HILL-EVANS, MILLARD,
RADER, JOHNSON-HARRELL, KORTZ AND KOSIEROWSKI, MAY 22, 2019
REFERRED TO COMMITTEE ON EDUCATION, MAY 22, 2019
AN ACT
Amending the act of March 10, 1949 (P.L.30, No.14), entitled "An
act relating to the public school system, including certain
provisions applicable as well to private and parochial
schools; amending, revising, consolidating and changing the
laws relating thereto," in school finances, further providing
for assent of electors, when necessary and when not
necessary.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 632 of the act of March 10, 1949 (P.L.30,
No.14), known as the Public School Code of 1949, is amended to
read:
Section 632. Assent of Electors; When Necessary and When Not
Necessary.--The assent of the electors shall be required in all
school districts [of the second, third and fourth class,] to
issue bonds which will incur any new debt or increase the
indebtedness to an amount in excess of [five (5) per centum of
the assessed valuation of property taxable for school purposes
therein. The assent of the electors shall be required in school
districts of the first class and first class A to issue bonds
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which will incur any new debt or increase the indebtedness to an
amount in excess of five (5) per centum of the assessed
valuation of property taxable for school purposes therein.]
fifty (50) per centum of the school district's borrowing base
available. The board of school directors of any school district
[of the first, first class A, second, third, or fourth class]
shall have authority, without the assent of the electors, to
issue bonds which will incur upon its own authority any amount
of such indebtedness not in excess of [five (5) per centum of
the last assessed valuation of property taxable for school
purposes therein.] fifty (50) per centum of the school
district's borrowing base available.
If the amount of bonds of any bond issue maturing in any
single year is in excess of five percent of the total amount of
such bond issue, the amount in excess of five percent of such
bond issue may be refunded by the board of school directors of
any school district, upon its own authority, without submitting
any such refunding bond issue to a vote of the electors.
Any school district which calls bonds for payment prior to
the date of maturity may issue bonds for the purpose of paying
any or all such bonds as may be called for payment. All bonds
issued for the purpose of refunding bonds shall be issued as
hereinbefore provided for the issuing of such bonds.
As used in this section, the term "borrowing base" shall have
the meaning provided under 53 Pa.C.S. ยง 8002 (relating to
definitions).
Section 2. This act shall take effect in 60 days.
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