Senate Bill 2367 Summary

• Establishes the Educational Facilities Revolving Loan Fund Program administered by the State Department of Education to provide interest-free loans to public school districts for capital improvements.

• Makes up to 95% of fund deposits available as interest-free loans to qualified public school districts for repairs, renovations, new construction for prekindergarten programs, and career and technical education facilities.

• Sets maximum loan limits of $1,000,000 per applicant per fiscal year and per single project, with loans payable over no more than 10 years.

• Prohibits loan funds from being used for athletic facilities and requires the State Department of Education to establish administrative rules by October 1, 2022, including application processes, repayment terms, and emergency priority criteria.

• Allows school districts to use funds to pay principal and interest on bonds or notes issued between July 1, 2017 and July 1, 2022, limited to a maximum of $500,000 per year.