Public Act 93-0368
HB2354 Enrolled LRB093 06468 NHT 06591 b
AN ACT regarding schools.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The School Code is amended by changing
Section 2-3.117a as follows:
(105 ILCS 5/2-3.117a)
Sec. 2-3.117a. School Technology Revolving Loan Program.
(a) The State Board of Education is authorized to
administer a School Technology Revolving Loan Program from
funds appropriated from the School Technology Revolving Loan
Fund for the purpose of making the financing of school
technology hardware improvements affordable and making the
integration of technology in the classroom possible. School
technology loans shall be made available to public school
districts, charter schools, area vocational centers, and
laboratory schools to purchase technology hardware for
eligible grade levels on a 2-year rotating basis: grades 9
through 12 in fiscal year 2004 and each second year
thereafter and grades K through 8 in fiscal year 2005 and
each second year thereafter school districts to purchase
technology hardware for eligible grade levels on a 3-year
rotating basis: grades K-4 in year one and each third year
thereafter, grades 5-8 in year 2 and each third year
thereafter, grades 9-12 in year 3 and each third year
thereafter.
The State Board of Education shall determine the interest
rate the loans shall bear which shall not be greater than 50%
of the rate for the most recent date shown in the 20 G.O.
Bonds Index of average municipal bond yields as published in
the most recent edition of The Bond Buyer, published in New
York, New York. The repayment period for School Technology
Revolving Loans shall not exceed 3 years. Participants
Participating school districts shall use at least 90% of the
loan proceeds for technology hardware investments for
students and staff (,including computer hardware, technology
networks, related wiring, and other items as defined in rules
adopted by the State Board of Education) and up to 10% of the
loan proceeds for computer furniture. No participant school
district whose equalized assessed valuation per pupil in
average daily attendance is at the 99th percentile and above
for all districts of the same type shall be eligible to
receive a School Technology Revolving Loan under the
provisions of this Section for that year.
The State Board of Education shall have the authority to
adopt all rules necessary for the implementation and
administration of the School Technology Revolving Loan
Program, including, but not limited to, rules defining
application procedures, prescribing a maximum amount per
pupil that may be requested annually by districts, requiring
appropriate local commitments for technology investments,
prescribing a mechanism for disbursing loan funds in the
event requests exceed available funds, specifying collateral,
and prescribing actions necessary to protect the State's
interest in the event of default, foreclosure, or
noncompliance with the terms and conditions of the loans.
(b) There is created in the State treasury the School
Technology Revolving Loan Fund. The State Board shall have
the authority to make expenditures from the Fund pursuant to
appropriations made for the purposes of this Section. There
shall be deposited into the Fund such amounts, including but
not limited to:
(1) Transfers from the School Infrastructure Fund;
(2) All receipts, including principal and interest
payments, from any loan made from the Fund;
(3) All proceeds of assets of whatever nature
received by the State Board as a result of default or
delinquency with respect to loans made from the Fund;
(4) Any appropriations, grants, or gifts made to
the Fund; and
(5) Any income received from interest on
investments of money in the Fund.
(Source: P.A. 90-548, eff. 1-1-98.)
Section 99. Effective date. This Act takes effect on
July 1, 2003.