A school district adopting the resolution may not apply for referendum exceptions or ask voters for a tax increase above the inflation index.

They also believe diamonds will rise above the inflation index.

Districts are not allowed to raise taxes above that index unless they allow voters to vote by referendum, or they seek an exception from the state Department of Education.

Districts are not authorized to raise taxes above that index unless they allow voters to vote by referendum, or the school board seeks one or more exceptions from the state's Department of Education.

Under Act 1 of 2006, school districts had the option of adopting either 1) a resolution by January 27 certifying they would not increase taxes above their index or 2) a preliminary budget by February 16.

For 2012-2013, 274 school districts adopted a resolution certifying that tax rates would not be increased above their index; 223 school districts adopted a preliminary budget leaving open the option of exceeded the Index limit.

Each year, the school board has the option of adopting either 1) a resolution in January certifying they will not increase taxes above their index or 2) a preliminary budget in February.

Pennsylvania public school districts that adopt a preliminary budget have two options to increase tax rates above their index: 1) seek an exception from the Department or 2) request approval from the electorate by placing a referendum question on the ballot in the election immediately preceding the school year (May 21, 2013).

The firm said the issue, which has a final legal maturity of June 10, 1996, and an expected final maturity of June 12, 1995, carries a rate that floats monthly at 10 basis points above the Federal Reserve's index of top-grade, 30-day commercial paper.

For 2011-2012, 247 school districts adopted a resolution certifying that tax rates would not be increased above their index; 250 school districts adopted a preliminary budget.