Education Modernization Fund Act

Summary

Education Modernization Fund Act - Directs the Secretary of Education to make low-interest, long-term loans to States for constructing and modernizing elementary and secondary schools. Requires the Secretary of Education to determine a formula for allocating such loans to eligible States, taking into consideration the needs of States with significant increases in school student populations. Establishes the Education Modernization Fund (EMF) in the Treasury to provide funds for such loans. Directs the Secretary of the Treasury to: (1) transfer to the EMF a specified amount from the Treasury's Exchange Stabilization Fund; and (2) invest, in a specified manner, the portion of the EMF that is not required to meet current withdrawals. Directs the Secretary of Education to deposit in the EMF all amounts received by incident to such loan operations, including all collections of principal and interest.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 21 April 1998

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 21 April 1998

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• Introduced in Senate

  summary · EN · 21 April 1998

  Open at official source

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