Education Development Block Grant Act of 1997

Summary

TABLE OF CONTENTS: Title I: Block Grants and Grant Requirements Title II: Allocation of Grant Amounts Title III: Federal Guarantees for Financing Education Development Block Grant Act of 1997 - Title I: Block Grants and Grant Requirements - Directs the Secretary of Education to make grants to local bond authorities to repair their school infrastructures. Authorizes appropriations. Title II: Allocation of Grant Amounts - Directs the Secretary to allocate any amounts made available for assistance under this Act in accordance with the Elementary and Secondary Education Act of 1965. Title III: Federal Guarantees for Financing - Authorizes the Secretary to guarantee and make commitments to guarantee the notes or other obligations issued by local bond authorities (local education agencies or local governments with authority to issue area bonds) to finance school infrastructure repairs, if there is a lack of financing from other sources. Prohibits such guarantees or commitments if the total outstanding notes or obligations of the issuer guaranteed under this title (excluding any amount deceased under the repayment contract) would exceed five times the amount of the grant approval for the issuer (thus allowing a local bond authority to borrow up to five times the grant amount to make school infrastructure repairs). (Sec. 302) Sets forth security and repayment requirements. (Sec. 303) Authorizes the Secretary to: (1) make grants to or on behalf of a local bond authority to cover up to 30 percent of the net interest cost of such obligations; and (2) assist the issuer of a guaranteed note or other obligation, in circumstances of extreme hardship, in the payment of principal and interest due. (Sec. 304) Directs the Secretary to carry out training and information activities with respect to this guarantee program. (Sec. 305) Authorizes the Secretary, to the extent approved or provided in appropriations Acts, to enter into commitments to guarantee notes and obligations under this title. Authorizes appropriations. Directs the Secretary to monitor the use of such guarantees by local bond authorities and, if necessary, limit the amount.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 15 May 1997

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• Introduced in House (PDF)

  Introduced in House · EN · 15 May 1997

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• Introduced in House

  summary · EN · 15 May 1997

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