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Sen. Don Harmon
Filed: 3/31/2009
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| AMENDMENT TO SENATE BILL 611
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| AMENDMENT NO. ______. Amend Senate Bill 611 by replacing |
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| everything after the enacting clause with the following:
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| "Section 5. The School Code is amended by changing Section |
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| 2-3.117a as follows:
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| (105 ILCS 5/2-3.117a)
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| Sec. 2-3.117a. School Technology Revolving Loan Program.
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| (a) The State
Board of Education is authorized to |
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| administer a School Technology Revolving
Loan Program from |
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| funds appropriated from the School Technology Revolving Loan
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| Fund for the purpose of making the financing of school |
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| technology hardware
improvements affordable
and making the |
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| integration of technology in the classroom possible. School
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| technology loans shall be made available to
public school |
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| districts, charter schools, area vocational centers, and
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| laboratory schools , and State-recognized, non-public schools |
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| to purchase technology hardware for eligible grade
levels on a |
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| 2-year rotating basis: grades 9 through 12 in fiscal year 2004
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| and each second year thereafter and grades K through 8 in |
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| fiscal year
2005 and each second year thereafter.
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| The State Board of Education shall determine the interest |
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| rate the loans
shall bear which shall not be greater than 50% |
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| of the rate for the most recent
date shown in the 20 G.O. Bonds |
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| Index of average municipal bond yields as
published in the most |
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| recent edition of The Bond
Buyer, published in New York, New |
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| York. The repayment period for School
Technology Revolving |
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| Loans shall not exceed 3 years. Participants shall use at least |
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| 90% of the loan proceeds for technology
hardware
investments |
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| for
students and staff (including computer hardware, |
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| technology networks,
related
wiring, and other items as defined |
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| in rules adopted by the State Board of
Education) and up to 10% |
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| of the loan proceeds for computer furniture. No
participant |
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| whose equalized assessed valuation per pupil in
average daily |
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| attendance is at the 99th percentile and above for all |
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| districts
of the same type shall be eligible to receive a |
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| School Technology Revolving
Loan under the provisions of this |
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| Section for that year.
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| The State Board of Education shall have the authority to |
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| adopt all rules
necessary for the implementation and |
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| administration of the School Technology
Revolving Loan |
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| Program, including, but not limited to, rules defining
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| application procedures, prescribing a maximum amount per pupil |
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| that may be
requested annually by districts , requiring |
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| appropriate local commitments for
technology investments, |
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| prescribing a mechanism for disbursing
loan funds in the event |
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| requests exceed available funds, specifying
collateral, and |
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| prescribing
actions necessary to protect the State's
interest |
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| in the event of default, foreclosure, or noncompliance with the |
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| terms
and conditions of the loans.
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| (b) There is created in the State treasury the School |
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| Technology Revolving
Loan Fund. The State Board shall have the |
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| authority to make expenditures from
the Fund pursuant to |
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| appropriations made for the purposes of this Section.
There |
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| shall be deposited into the Fund such amounts, including but |
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| not limited
to:
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| (1) Transfers from the School Infrastructure Fund;
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| (2) All receipts, including principal and interest
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| payments, from any loan made from the Fund;
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| (3) All proceeds of assets of whatever nature
received |
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| by the State Board as a result of default or
delinquency |
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| 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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| Fund; and
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| (5) Any income received from interest on investments of |
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| money in the
Fund.
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| (Source: P.A. 93-368, eff. 7-24-03.)
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| Section 99. Effective date. This Act takes effect upon |