Restoration Of School District Mill Levies

The bill requires each school district that has obtained voter approval to retain and spend revenues in excess of the property tax revenue limitation imposed on the school district by section 20 of article X of the state constitution to restore the number of mills it levies for purposes of total program funding under the 'Public School Finance Act of 1994' to the number of mills levied in the property tax year immediately preceding the year in which the school district received the voter approval. The mill levies are restored in equal increments over 5 years. A school district is not allowed to levy a number of mills that would exceed the school district's total program as calculated before application of the negative factor. (Note: This summary applies to this bill as introduced.)