2024 Session

Budget Amendments - HB30 (Conference Report)

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Direct Aid - Literary Fund School Construction Loans (language only)

Item 125 #5c

Item 125 #5c

Education: Elementary and Secondary
Direct Aid to Public Education


Page 161, line 49, after "3)" strike the remainder of the line and insert:

"in consultation with the Department of Treasury, establish loan interest rates that are benchmarked to a market index on an annual basis for all tiers of localities and provide interest rates that are reasonably below such market index".

Page 161, strike lines 50 and 51.

Page 161, line 52, strike "between 0.0 and 0.2999".

Page 162, strike lines 10 through 13 and insert:

"c. The Board of Education may offer up to $200,000,000 the first year and up to $50,000,000 the second year from the Literary Fund in school construction loans, subject to the availability of funds. Amounts designated for school construction loans that are not obligated in the first year may be obligated in the second year. In addition, the Department of Education may offer Literary Fund loans from the uncommitted balances of the Literary Fund after meeting the obligations of the interest rate subsidy sales and the amounts set aside from the Literary Fund for Debt Service Payments for Education Technology and Security Equipment in this Item."


(This amendment authorizes the Department of Education to offer $250.0 million in school construction loans from the Literary Fund over the biennium and directs the Board of Education to revise its schedule of interest rates to be fully responsive to market rates while providing reasonably discounted interest rates.)