Plain English Breakdown
Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.
Maximum Reserve Requirement for Certain Cash Funds
The act exempts the public school construction and inspection cash fund and the health facility construction and inspection cash fund from the annual limitations on the amount of uncommitted reserves that may be held in a cash fund (maximum reserve).
What This Bill Does
- The act exempts the public school construction and inspection cash fund and the health facility construction and inspection cash fund from the annual limitations on the amount of uncommitted reserves that may be held in a cash fund (maximum reserve).
- Instead, those cash funds are subject to the same substantive maximum reserve requirements if the uncommitted reserves of the fund exceed the allowable maximum reserve for 3 consecutive fiscal years.
- (Note: This summary applies to this bill as enacted.)
Limits and Unknowns
- This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.