2002 Session

Budget Amendments - HB30 (Conference Report)

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CI Correction for Lit. Fund Loans (language only)

Item 147 #5c

Item 147 #5c

Education: Elementary and Secondary
Direct Aid To Public Education

Page 107, line 43, after “b.” insert "1)".
Page 108, after line 2, insert:
"b. 2) Pursuant to paragraph b.1) above, if the composite index of a consolidated school division is reduced during the course of the fifteen year period to a level that would entitle the school division to a lower interest rate for a Literary Fund loan than it received when the loan was originally released, the Board of Education shall reduce the interest rate of such loan for the remainder of the period of the loan.  Such reduction shall be based on the interest rate that would apply at the time of such adjustment.  This rate shall remain in effect for the duration of the loan and shall apply only to those years remaining to be paid."

(This amendment is self-explanatory.)