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State that this would not represent additional money to be spent on education in 4j; rather, it <br />would go through the state school funding formula, and 4j would receive about 3% of the <br />total (or about $30,000) on a one-time basis. The rest would be split among school districts <br />across the state. <br />Legislation passed in 2009 places new limits on how much a municipality can increase <br />maximum indebtedness. That same legislation, however, also provides that those limitations “do <br />not apply to the extent the municipality approving a plan obtains the written concurrence of <br />taxing districts imposing at least 75 percent of the amount of taxes imposed under permanent <br />rate limits in the urban renewal area.”On May 19, 2010, the School Board for District 4J <br />adopted a motion, for purposes of that statute, concurring with the increase in maximum <br />indebtedness. Therefore, the new legislative limitations are not applicable to the proposed <br />maximum indebtedness increase. <br />