The bill changed the sinking fund statute to allow for use of the funds for transportation.
Sinking funds are used to pay for infrastructure and capital improvements. Republicans attempted to limit the length of sinking fund millages from 20 down to 10 years. And they also attempted to have the Democrats follow the law as the bill would require a three-quarters vote to pass because it increased the statutory limits for ad valorem property taxes for schools. Both attempts failed and no Republican amendments were allowed.
Sen. Nesbitt voted for the minority amendment to limit duration of sinking fund tax which failed 17 – 21.
Sen. Nesbitt voted no on passage
Wendzel voted no on passage.
Signed into law May 8, 2023: PA 26 of 202