| This bill requires that a school administrative unit that was |
| authorized to issue securities for a nonstate funded school |
| construction project must receive credit for the sum total of |
| principal and interest costs paid from local funds without state |
| participation at such time as the unit's project is approved for |
| funding by the state board. Under this bill, the school |
| administrative unit is authorized to include principal and |
| interest costs paid from local funds in the school administrative |
| unit's debt service costs for state subsidy purposes. The bill |
| also authorizes the state board to adopt rules to carry out this |
| purpose. |
