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1997 SESSION

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HB 2160 Literary Fund loans.

Introduced by: John A. Rollison III | all patrons    ...    notes | add to my profiles

SUMMARY:

Literary Fund loans. Increases the maximum limit the Board of Education may set on loans and loan interest rate subsidy payments from the Literary Fund from $5 million to $7.5 million. Presently, the average cost of a new school is $5 million or more; however, many school divisions are not eligible to receive the low-cost Literary Fund loans because of limited availability of the funds. Only the school divisions on the first priority list (low composite indices) are currently receiving these loans. The diversions of the early 1990s reduced the capacity of the Fund.


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