Introduced
by
To overhaul the School Bond Loan Fund program, essentially replacing it with a state revolving loan fund that school districts can borrow from to finance capital improvement projects (buildings). Also, to provide $500 million in school loan subsidies for certain kinds of projects as part of Gov. Jennifer Granholm’s “Jobs Today” public works proposal. Going through the School Bond Loan Fund allows schools to borrow at the same interest rate as the state. The current program does not require schools to repay loans on a regular schedule, which causes higher costs. The bill is part of a legislative package comprised of Senate Bills 4660 to 4664.
Referred to the Committee on Commerce
