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105 ILCS 5/2-3.117a
(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,
laboratory schools, and State-recognized, non-public 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. However, priority shall be given to public school districts, charter schools, area vocational centers, and laboratory schools that apply prior to October 1 of each year.
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 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 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, requiring appropriate local commitments for
technology investments, prescribing a mechanism for disbursing
loan funds in the event requests exceed available funds, specifying
collateral, 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, and prescribing a mechanism for reclaiming any items or equipment purchased with the loan funds in the case of the closure of a non-public school.
(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, including refunds.
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;
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(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;
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(4) Any appropriations, grants, or gifts made to the
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(5) Any income received from interest on investments
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(Source: P.A. 96-734, eff. 8-25-09; 96-783, eff. 8-28-09; 96-1000, eff. 7-2-10.)
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