A bill to provide States with loans to enable State entities or local governments within the States to make interest payments on qualified school construction bonds issued by the State entities or local governments, and for other purposes.
Sets forth requirements for loan repayment and interest rate. Exempts a State entity or local government from such repayment and interest rate accrual prior to January 1, 2005, unless the amount appropriated to carry out assistance for education of all children with disabilities under the Individuals with Disabilities Education Act for any fiscal year before FY 2009 is sufficient to fully fund such assistance for the fiscal year at the originally promised level, which promised level would provide to each State 40 percent of the average per-pupil expenditure for providing special education and related services for each child with a disability in the State.
Directs the Secretary of the Treasury and the Secretary of Education to: (1) ensure that funds provided under this Act are properly distributed, and are used to pay the interest on qualified school construction bonds; and (2) notify each State of the amount of funds it may borrow under this Act. Provides that the Secretaries shall not have authority to approve or disapprove school construction plans assisted pursuant to this Act, except to ensure that funds made available under this Act are used only to supplement, and not supplant, the amount of school construction, rehabilitation, and repair in the State that would have occurred in the absence of such funds.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S15106-15107)
Read twice and referred to the Committee on HELP.
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