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1998 SESSION

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HB 918 Literary Fund loans.

Introduced by: Alan A. Diamonstein | all patrons    ...    notes | add to my profiles

SUMMARY:

Literary Fund loans. Provides specific authority for school boards to apply for Literary Fund loans for the construction of a school building on property subject to a long-term lease (25 years or more) with the U. S. government. The school board is required to submit to the Board evidence that both parties are fully apprised of the construction plans, a copy of such lease, certification of the approval of the local governing body and the local school board, documentation of the fiscal integrity and benefits of the arrangements, and a brief synopsis of the lease. All of this documentation, plus a certificate from the clerk, will be required for the Attorney General. The loans for these long-term leases shall constitute a specific lien on the building only and any additions thereto.


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