March 11, 2003
A bill requiring school boards to approve requests for no-interest loans from the state is on its way to Gov. Bill Owens' desk.
The Senate unanimously approved House Bill 1032 on Monday.
The bill, sponsored by Boulder Democrats Rep. Jack Pommer and Sen. Ron Tupa, comes in response to St. Vrain Valley's discovery of a $13.8 million budget deficit. The district borrowed money from the state through a program in the state treasurer's office, but school board members didn't know about the loans until the entire budget crisis came to light.
HB 1032 would require school board notification and approval before administrators could ask to borrow money from the state.
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