Building, Renovating, Improving, and Constructing Kids' Schools Act

Summary

Building, Renovating, Improving, and Constructing Kids' Schools Act - Directs the Secretary of the Treasury, from specified amounts in a stabilization fund, to make available funds to States for: (1) loans to enable State, regional, or local entities to make annual interest payments on certain qualified school construction bonds they issue; and (2) support of State revolving fund programs or other State-administered programs that assist State, regional, and local entities in paying for school construction, rehabilitation, repair, or related land acquisition. Requires States to use at least 50 percent of such funds for such loans. Bases such State allotments on relative shares of funds received under the Elementary and Secondary Education Act of 1965 as part A basic local program grants under title I provisions for helping disadvantaged children meet high standards. Reserves specified funds for such loans and support for Indian tribes. Sets forth requirements for loan repayment and interest rate. Exempts a State entity or local government from such repayment and interest rate accrual prior to January 1, 2006, unless the amount appropriated to carry out assistance for education of all children with disabilities under the Individuals with Disabilities Education Act for any fiscal year before FY 2006 is sufficient to fully fund such assistance for the fiscal year at the originally promised level, which promised level would provide to each State 40 percent of the average per-pupil expenditure for providing special education and related services for each child with a disability in the State. Directs the Secretary of the Treasury and the Secretary of Education to: (1) ensure that funds provided under this Act are properly distributed, and are used to pay the interest on qualified school construction bonds or costs of school construction, rehabilitation, repair, or related land acquisition; and (2) notify each State of the amount of funds it may receive for loans and other support under this Act. Provides that the Secretaries shall not have authority to approve or disapprove school construction plans assisted pursuant to this Act, except to ensure that funds made available under this Act are used only to supplement, and not supplant, the amount of school construction, rehabilitation, and repair, and related land acquisition in the State that would have occurred in the absence of such funds.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 19 July 2000

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 19 July 2000

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• Introduced in Senate

  summary · EN · 19 July 2000

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