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ID H0578
Bill
Status
3/11/2014
Primary Sponsor
Education Committee
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AI Summary
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Revises the Public School Facilities Cooperative Funding Program by clarifying that participation requirements for bond levy failures do not apply to school districts using the new loan program.
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Establishes the Public School Facilities Cooperative Fund Loan Program for school districts with 2,000 or fewer students to obtain loans up to $200,000 per district for facility improvements related to school security, safety, or energy efficiency.
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Sets maximum annual loan disbursements at $1,000,000 statewide with loan repayment required within 5 years at interest rates matching those in the existing cooperative funding program.
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Requires the state board of education to develop application forms and promulgate rules for the loan program, with the panel certifying project costs to the state department of education.
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Sunsets the loan program on July 1, 2019, while allowing existing loan repayments to continue until fully satisfied.
Legislative Description
Amends and adds to existing law to revise provisions relating to participation in the Public School Facilities Cooperative Funding Program and to provide for application of law; to establish provisions relating to the Public School Facilities Cooperative Fund Loan Program, to establish provisions relating to obtaining a loan, to provide for a maximum loan amount, to provide for loan repayment, to provide for a certification and to provide for rules.
PUBLIC SCHOOL FACILITIES
Last Action
Introduced, read first time; referred to: Education
3/12/2014