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S1431aa........................................................by EDUCATION
SCHOOL SAFETY AND HEALTH REVOLVING LOAN FUND - Amends existing law to
extend conditions for applications to the School Safety and Health
Revolving Loan and Grant Fund to include authority to draw upon the fund
for grants for indebtedness incurred for the abatement of unsafe or
unhealthy conditions; and to provide for the method for determination of
present value.
02/11 Senate intro - 1st rdg - to printing
02/12 Rpt prt - to Educ
02/14 Rpt out - to 14th Ord
02/20 Rpt out amen - to engros
02/21 Rpt engros - 1st rdg - to 2nd rdg as amen
02/22 2nd rdg - to 3rd rdg as amen
03/04 3rd rdg as amen - PASSED - 34-0-1
AYES -- Andreason, Boatright, Branch(Bartlett), Brandt, Bunderson,
Burtenshaw, Cameron, Darrington, Davis, Deide, Dunklin, Frasure,
Geddes, Goedde, Hill, Ingram, Ipsen, Keough, King-Barrutia, Little,
Lodge, Marley, Noh, Richardson, Risch, Sandy, Schroeder, Sims,
Sorensen, Stegner, Stennett, Thorne, Wheeler, Williams
NAYS -- None
Absent and excused -- Hawkins
Floor Sponsor - Deide
Title apvd - to House
03/05 House intro - 1st rdg - to Educ
03/11 Rpt out - rec d/p - to 2nd rdg
03/12 2nd rdg - to 3rd rdg
03/13 3rd rdg - PASSED - 64-0-6
AYES -- Aikele, Barraclough, Barrett, Bedke, Bell, Bieter, Block,
Bolz, Bradford, Bruneel, Callister, Campbell, Clark, Collins, Cuddy,
Deal, Denney, Ellis, Ellsworth, Eskridge, Field(13), Field(20),
Gagner, Gould, Hadley, Hammond, Harwood, Henbest, Higgins, Hornbeck,
Jaquet, Jones, Kellogg, Kendell, Kunz, Lake, Loertscher, Mader,
Martinez, McKague, Meyer, Mortensen, Moyle, Pearce, Pomeroy,
Raybould, Ridinger, Roberts, Robison, Sali, Schaefer, Sellman,
Shepherd, Smith(33), Smith(23), Smylie, Stevenson, Stone, Tilman,
Trail, Wheeler, Wood, Young, Mr. Speaker
NAYS -- None
Absent and excused -- Black, Boe, Crow, Langford, Montgomery,
Pischner
Floor Sponsor - Denney
Title apvd - to Senate
03/13 To enrol
03/14 Rpt enrol - Pres signed
Sp signed
03/15 To Governor
03/21 Governor signed
Session Law Chapter 157
Effective: 03/21/02
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-sixth Legislature Second Regular Session - 2002
IN THE SENATE
SENATE BILL NO. 1431
BY EDUCATION COMMITTEE
1 AN ACT
2 RELATING TO THE SCHOOL SAFETY AND HEALTH REVOLVING LOAN AND GRANT FUND; AMEND-
3 ING SECTION 33-1017, IDAHO CODE, TO EXTEND CONDITIONS FOR APPLICATION TO
4 INCLUDE AUTHORITY TO DRAW UPON THE SCHOOL SAFETY AND HEALTH REVOLVING LOAN
5 AND GRANT FUND FOR GRANTS FOR INDEBTEDNESS INCURRED FOR THE ABATEMENT OF
6 UNSAFE OR UNHEALTHY CONDITIONS, TO PROVIDE FOR THE METHOD FOR DETERMINA-
7 TION OF PRESENT VALUE, TO REVISE THE TERMINATION DATE AND TO MAKE A TECH-
8 NICAL CORRECTION.
9 Be It Enacted by the Legislature of the State of Idaho:
10 SECTION 1. That Section 33-1017, Idaho Code, be, and the same is hereby
11 amended to read as follows:
12 33-1017. SCHOOL SAFETY AND HEALTH REVOLVING LOAN AND GRANT FUND. (1) Fund
13 created. There is hereby created a fund in the state treasury to be known as
14 the school safety and health revolving loan and grant fund to which shall be
15 credited all moneys that may be appropriated, apportioned, allocated and paid
16 back to that fund. Moneys in this fund shall be used exclusively as provided
17 in this section, except that moneys in this fund shall be returned to the bud-
18 get stabilization fund as provided in this section.
19 (2) Approval of loan or grant. A school district that does not have the
20 financial resources to abate unsafe or unhealthy conditions identified pursu-
21 ant to section 33-1613, Idaho Code, and which is eligible to seek additional
22 funds under subsection (5)(b)(ii) of section 33-1613, Idaho Code, may apply to
23 the state treasurer for a loan and, if eligible, a grant from the safety and
24 health revolving loan and grant fund. A school district that has borrowed
25 money from the Idaho safe school facilities loan program may apply for a grant
26 of interest from the safety and health revolving loan and grant fund. The loan
27 or grant shall be approved if the school district's application meets the cri-
28 teria of section 33-1613, Idaho Code, and of this section. If the board of
29 examiners finds that existing and anticipated loans or grants under this sec-
30 tion have depleted the school safety and health revolving loan and grant fund
31 to an extent that the fund does not have available sufficient moneys to loan
32 to an eligible school district, the board of examiners shall declare that
33 additional loans may be made from the budget stabilization fund in section
34 57-814, Idaho Code, up to any limits of the use of that fund provided by stat-
35 ute or declared by the governor in time of general revenue shortfalls or major
36 disaster.
37 (3) Conditions of loan or grant -- Repayment of loan.
38 (a) The school district's application shall identify the unsafe or
39 unhealthy conditions that would be abated with the proceeds of the loan or
40 grant and, if a loan, shall propose a method of and timetable for abating
41 those conditions and for repaying the loan.
42 (b) The state treasurer shall review the application to determine whether
43 the application is for abatement of unsafe or unhealthy conditions as
2
1 described in section 33-1613, Idaho Code, and to determine whether the
2 estimated costs of abatement and proposed plan of abatement are is reason-
3 able. In reviewing the application, the state treasurer may call upon the
4 assistance of the state division of building safety, the state fire mar-
5 shal, the state department of administration, the state board of educa-
6 tion, the state department of education, or other knowledgeable persons to
7 determine whether conditions identified to be abated meet the criteria of
8 section 33-1613, Idaho Code, and to determine whether the plan of abate-
9 ment, estimated costs of abatement and proposed methods of abatement are
10 reasonable. The state treasurer shall process the application for a loan
11 or grant within thirty-five (35) days after its receipt.
12 (i) If the state treasurer determines that the application has not
13 identified unsafe or unhealthy conditions as described in section
14 33-1613, Idaho Code, the state treasurer shall return the application
15 with a written statement that contains reasons why the loan or grant
16 application does not meet the criteria of this section and of section
17 33-1613, Idaho Code.
18 (ii) If the state treasurer determines that the application has
19 identified unsafe or unhealthy conditions as described in section
20 33-1613, Idaho Code, the state treasurer shall then determine whether
21 the application has proposed reasonable methods of and reasonable
22 estimates of costs of abatement. The state treasurer shall approve
23 the plan of abatement if the school district has proposed a reason-
24 able method of abatement and if its estimated costs of abatement are
25 reasonable; otherwise, the state treasurer shall return the applica-
26 tion with a written statement how the application can be amended to
27 qualify.
28 (c) If the application is for a loan, the state treasurer may accept the
29 school district's proposed method of and timetable for repaying the loan
30 or may impose reasonable alternative or substitute methods of and timeta-
31 bles for repayment consistent with this subsection, which alternative or
32 substitute methods shall be binding on the school district. At a minimum,
33 the school district shall be required to repay in each fiscal year suc-
34 ceeding the year of the loan an amount no less than the lottery proceeds
35 that the school district would otherwise receive for that fiscal year and
36 additional foundation support moneys, if any, accruing as a result of an
37 initial overestimation of state average daily attendance support units and
38 later distribution of residual amounts resulting from fewer support units
39 than originally estimated. The loan shall provide for the school safety
40 and health revolving loan and grant fund, or the budget stabilization
41 fund, to the extent that it was the source of the loan, to intercept the
42 lottery proceeds that would otherwise go to the school district until the
43 loan is fully repaid. In addition, the state treasurer may impose reason-
44 able fiscal conditions on the school district during the term of loan
45 repayment including, but not limited to, restrictions in use of otherwise
46 unrestricted school district moneys to assist in repayment of the loan or
47 in abatement of unsafe or unhealthy conditions, the declaration of a
48 financial emergency during some or all of the term of repayment of the
49 loan, or interception by the school safety and health revolving loan and
50 grant fund of a portion of the state foundation program payments under
51 chapter 10, title 33, Idaho Code, that would otherwise go to the school
52 district to repay the loan. The initial term of the loan shall not exceed
53 ten (10) years, but may be extended in the state treasurer's discretion
54 for another ten (10) years.
55 (d) If a loan is approved, the state treasurer shall establish a line of
3
1 credit for the school district and monthly reimburse the school district
2 for costs incurred to abate the unsafe or unhealthy conditions identified
3 as the reason for the loan. The state treasurer may prescribe forms and
4 procedures for administration of this line of credit.
5 (e) A school district may repay its loan or any portion of its loan in
6 advance at any time without penalty.
7 (4) Interest. Loans to school districts under this section shall bear
8 interest at the average rate of interest that would be available to the state
9 treasury were the loan funds retained in the state treasury, as determined by
10 the state treasurer.
11 (5) Certification of loan funds spent. If a school district obtains a
12 loan pursuant to this section, the board of trustees shall certify the total
13 expenditures of loaned funds that were actually spent to abate unsafe and
14 unhealthy conditions.
15 (6) Excess funds. If any funds loaned pursuant to this section were not
16 spent on abatement of unsafe and unhealthy conditions, they must be returned
17 to the school safety and health loan and grant fund or the budget stabiliza-
18 tion fund, as the case may be. This subsection shall be judicially enforceable
19 by the state treasurer, and any amounts due for repayment under this subsec-
20 tion may be recovered by offset from state foundation program moneys that
21 would otherwise be paid to the school district.
22 (7) Eligibility for grant. After complying with the provisions of section
23 33-1613, Idaho Code, school districts that borrow money from the Idaho safe
24 schools facilities loan program pursuant to section 33-804A, Idaho Code, or
25 that refinance through the Idaho safe schools facilities loan program loans
26 for money borrowed under this section or that finance abatement of unsafe and
27 unhealthy conditions through indebtedness pursuant to chapter 11, title 33,
28 Idaho Code, may apply for a grant from the school safety and health revolving
29 loan and grant fund to pay for eligible interest costs incurred on loan pro-
30 ceeds used to abate unsafe and unhealthy conditions. If the school district's
31 application for a grant is accepted, then the school district will qualify for
32 a grant of the present value of the qualifying percentage of the interest
33 costs of the loan associated with abating unsafe and unhealthy conditions as
34 follows:
35 (a) If the school district is participating in the Idaho safe schools
36 facilities loan program, within seven (7) days after the approved school
37 district receives loan proceeds from the Idaho safe schools facilities
38 loan fund, the state treasurer shall provide funds to the school district
39 in the amount of the qualifying percentage of the present value of the
40 interest costs associated with abating unsafe and unhealthy conditions.
41 (b) If a school district has obtained a loan from the school health and
42 safety revolving loan and grant fund and has refinanced its loan through
43 the Idaho safe schools facilities program and prepays the outstanding
44 principal of its loan, the school district shall be eligible for a grant
45 of the qualifying percentage of the present value of the outstanding
46 interest costs associated with the prepaid principal.
47 (c) If the school district has financed the abatement of unsafe or
48 unhealthy conditions through indebtedness pursuant to chapter 11, title
49 33, Idaho Code, within seven (7) days after the school district receives
50 bond proceeds, the state treasurer shall provide funds to the school dis-
51 trict in the amount of the qualifying percentage of the present value of
52 the interest costs associated with abating unsafe and unhealthy condi-
53 tions.
54 (8) Present value. The present value of the interest costs associated
55 with money borrowed under the Idaho safe schools facilities loan program shall
4
1 be calculated by the state treasurer using a method of equal annual loan pay-
2 ments and a discount rate of the interest rate prescribed in subsection (4) of
3 this section on the date that the school district receives funds from the
4 Idaho safe schools facilities loan fund. The present value of the unpaid
5 interest costs for principal prepayments to the school safety and health
6 revolving loan and grant fund shall be calculated by the state treasurer by
7 summing the unpaid interest that would be paid without the principal prepay-
8 ment and discounting it at the interest rate prescribed in subsection (4) of
9 this section on the date that the treasurer receives the prepayment. The pres-
10 ent value of the interest costs associated with money borrowed by a school
11 district in a bond issue shall be calculated by the state treasurer using the
12 school district's actual schedule for making interest payments on the bonds
13 and discounting those interest payments by the interest rate prescribed in
14 subsection (4) of this section on the date that the school district receives
15 funds from the bond issue.
16 (9) Qualifying percentage. The qualifying percentage of the interest
17 costs of a school district applying for a grant of interest under this section
18 shall be determined as follows: For a school district borrowing money under
19 the Idaho safe schools facilities loan program or refinancing a loan made
20 under this section with money borrowed under the Idaho safe schools facilities
21 program or incurring bonded indebtedness for safe and healthy schools, the
22 state treasurer shall express:
23 (a) the total of the bond and plant facilities levies imposed by the
24 school district (including the levy for which the application is made),
25 and
26 (b) the total levies imposed by the school district (including the levy
27 for which the application is made)
28 as a fraction of assessed value for the most recent assessment against which
29 the school district's existing levies are made.
30 The qualifying percentage of interest granted under this section shall be
31 the higher of the amounts shown in the following tables:
32 Table 1 - Bond and Plant Facilities Levies
33 Bond Plus Plant Facilities Levy Qualifying Percentage
34 Less than .0019............................................................10%
35 More than .0019 and less than .0029........................................20%
36 More than .0029 and less than .0039........................................30%
37 More than .0039............................................................40%
38 Table 2 - Total Levies
39 Total Levy Qualifying Percentage
40 Less than .0060.............................................................0%
41 More than .0060 and less than .0072........................................25%
42 More than .0072 and less than .0084........................................50%
43 More than .0084 and less than .0096........................................75%
44 More than .0096...........................................................100%
45 (10) Interest costs for abatement of unsafe and unhealthy conditions. The
46 interest costs for abatement of unsafe and unhealthy conditions shall be cal-
47 culated by determining the percentage of the loan proceeds or prepayment of
48 the loan that will be used to abate unsafe and unhealthy conditions.
49 (11) Procedures. The state treasurer may prescribe forms for applying for
50 a loan or grant under this section. No actions taken under this section are
51 contested cases or rulemaking subject to chapter 52, title 67, Idaho Code, and
52 none of the contested case or rulemaking procedures of chapter 52, title 67,
53 Idaho Code, apply to actions taken under this section.
54 (12) The state treasurer's authority to accept applications for and to
55 approve grants of interest from the school safety and health revolving loan
5
1 and grant fund shall cease on July 1, 20043.
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-sixth Legislature Second Regular Session - 2002
Moved by Deide
Seconded by Thorne
IN THE SENATE
SENATE AMENDMENT TO S.B. NO. 1431
1 AMENDMENT TO THE BILL
2 On page 5 of the printed bill, following line 1, insert:
3 "SECTION 2. An emergency existing therefor, which emergency is hereby
4 declared to exist, this act shall be in full force and effect on and after its
5 passage and approval.".
6 CORRECTION TO TITLE
7 On page 1, in line 8, following "CORRECTION" insert: "; AND DECLARING AN
8 EMERGENCY".
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-sixth Legislature Second Regular Session - 2002
IN THE SENATE
SENATE BILL NO. 1431, As Amended
BY EDUCATION COMMITTEE
1 AN ACT
2 RELATING TO THE SCHOOL SAFETY AND HEALTH REVOLVING LOAN AND GRANT FUND; AMEND-
3 ING SECTION 33-1017, IDAHO CODE, TO EXTEND CONDITIONS FOR APPLICATION TO
4 INCLUDE AUTHORITY TO DRAW UPON THE SCHOOL SAFETY AND HEALTH REVOLVING LOAN
5 AND GRANT FUND FOR GRANTS FOR INDEBTEDNESS INCURRED FOR THE ABATEMENT OF
6 UNSAFE OR UNHEALTHY CONDITIONS, TO PROVIDE FOR THE METHOD FOR DETERMINA-
7 TION OF PRESENT VALUE, TO REVISE THE TERMINATION DATE AND TO MAKE A TECH-
8 NICAL CORRECTION; AND DECLARING AN EMERGENCY.
9 Be It Enacted by the Legislature of the State of Idaho:
10 SECTION 1. That Section 33-1017, Idaho Code, be, and the same is hereby
11 amended to read as follows:
12 33-1017. SCHOOL SAFETY AND HEALTH REVOLVING LOAN AND GRANT FUND. (1) Fund
13 created. There is hereby created a fund in the state treasury to be known as
14 the school safety and health revolving loan and grant fund to which shall be
15 credited all moneys that may be appropriated, apportioned, allocated and paid
16 back to that fund. Moneys in this fund shall be used exclusively as provided
17 in this section, except that moneys in this fund shall be returned to the bud-
18 get stabilization fund as provided in this section.
19 (2) Approval of loan or grant. A school district that does not have the
20 financial resources to abate unsafe or unhealthy conditions identified pursu-
21 ant to section 33-1613, Idaho Code, and which is eligible to seek additional
22 funds under subsection (5)(b)(ii) of section 33-1613, Idaho Code, may apply to
23 the state treasurer for a loan and, if eligible, a grant from the safety and
24 health revolving loan and grant fund. A school district that has borrowed
25 money from the Idaho safe school facilities loan program may apply for a grant
26 of interest from the safety and health revolving loan and grant fund. The loan
27 or grant shall be approved if the school district's application meets the cri-
28 teria of section 33-1613, Idaho Code, and of this section. If the board of
29 examiners finds that existing and anticipated loans or grants under this sec-
30 tion have depleted the school safety and health revolving loan and grant fund
31 to an extent that the fund does not have available sufficient moneys to loan
32 to an eligible school district, the board of examiners shall declare that
33 additional loans may be made from the budget stabilization fund in section
34 57-814, Idaho Code, up to any limits of the use of that fund provided by stat-
35 ute or declared by the governor in time of general revenue shortfalls or major
36 disaster.
37 (3) Conditions of loan or grant -- Repayment of loan.
38 (a) The school district's application shall identify the unsafe or
39 unhealthy conditions that would be abated with the proceeds of the loan or
40 grant and, if a loan, shall propose a method of and timetable for abating
41 those conditions and for repaying the loan.
42 (b) The state treasurer shall review the application to determine whether
43 the application is for abatement of unsafe or unhealthy conditions as
2
1 described in section 33-1613, Idaho Code, and to determine whether the
2 estimated costs of abatement and proposed plan of abatement are is reason-
3 able. In reviewing the application, the state treasurer may call upon the
4 assistance of the state division of building safety, the state fire mar-
5 shal, the state department of administration, the state board of educa-
6 tion, the state department of education, or other knowledgeable persons to
7 determine whether conditions identified to be abated meet the criteria of
8 section 33-1613, Idaho Code, and to determine whether the plan of abate-
9 ment, estimated costs of abatement and proposed methods of abatement are
10 reasonable. The state treasurer shall process the application for a loan
11 or grant within thirty-five (35) days after its receipt.
12 (i) If the state treasurer determines that the application has not
13 identified unsafe or unhealthy conditions as described in section
14 33-1613, Idaho Code, the state treasurer shall return the application
15 with a written statement that contains reasons why the loan or grant
16 application does not meet the criteria of this section and of section
17 33-1613, Idaho Code.
18 (ii) If the state treasurer determines that the application has
19 identified unsafe or unhealthy conditions as described in section
20 33-1613, Idaho Code, the state treasurer shall then determine whether
21 the application has proposed reasonable methods of and reasonable
22 estimates of costs of abatement. The state treasurer shall approve
23 the plan of abatement if the school district has proposed a reason-
24 able method of abatement and if its estimated costs of abatement are
25 reasonable; otherwise, the state treasurer shall return the applica-
26 tion with a written statement how the application can be amended to
27 qualify.
28 (c) If the application is for a loan, the state treasurer may accept the
29 school district's proposed method of and timetable for repaying the loan
30 or may impose reasonable alternative or substitute methods of and timeta-
31 bles for repayment consistent with this subsection, which alternative or
32 substitute methods shall be binding on the school district. At a minimum,
33 the school district shall be required to repay in each fiscal year suc-
34 ceeding the year of the loan an amount no less than the lottery proceeds
35 that the school district would otherwise receive for that fiscal year and
36 additional foundation support moneys, if any, accruing as a result of an
37 initial overestimation of state average daily attendance support units and
38 later distribution of residual amounts resulting from fewer support units
39 than originally estimated. The loan shall provide for the school safety
40 and health revolving loan and grant fund, or the budget stabilization
41 fund, to the extent that it was the source of the loan, to intercept the
42 lottery proceeds that would otherwise go to the school district until the
43 loan is fully repaid. In addition, the state treasurer may impose reason-
44 able fiscal conditions on the school district during the term of loan
45 repayment including, but not limited to, restrictions in use of otherwise
46 unrestricted school district moneys to assist in repayment of the loan or
47 in abatement of unsafe or unhealthy conditions, the declaration of a
48 financial emergency during some or all of the term of repayment of the
49 loan, or interception by the school safety and health revolving loan and
50 grant fund of a portion of the state foundation program payments under
51 chapter 10, title 33, Idaho Code, that would otherwise go to the school
52 district to repay the loan. The initial term of the loan shall not exceed
53 ten (10) years, but may be extended in the state treasurer's discretion
54 for another ten (10) years.
55 (d) If a loan is approved, the state treasurer shall establish a line of
3
1 credit for the school district and monthly reimburse the school district
2 for costs incurred to abate the unsafe or unhealthy conditions identified
3 as the reason for the loan. The state treasurer may prescribe forms and
4 procedures for administration of this line of credit.
5 (e) A school district may repay its loan or any portion of its loan in
6 advance at any time without penalty.
7 (4) Interest. Loans to school districts under this section shall bear
8 interest at the average rate of interest that would be available to the state
9 treasury were the loan funds retained in the state treasury, as determined by
10 the state treasurer.
11 (5) Certification of loan funds spent. If a school district obtains a
12 loan pursuant to this section, the board of trustees shall certify the total
13 expenditures of loaned funds that were actually spent to abate unsafe and
14 unhealthy conditions.
15 (6) Excess funds. If any funds loaned pursuant to this section were not
16 spent on abatement of unsafe and unhealthy conditions, they must be returned
17 to the school safety and health loan and grant fund or the budget stabiliza-
18 tion fund, as the case may be. This subsection shall be judicially enforceable
19 by the state treasurer, and any amounts due for repayment under this subsec-
20 tion may be recovered by offset from state foundation program moneys that
21 would otherwise be paid to the school district.
22 (7) Eligibility for grant. After complying with the provisions of section
23 33-1613, Idaho Code, school districts that borrow money from the Idaho safe
24 schools facilities loan program pursuant to section 33-804A, Idaho Code, or
25 that refinance through the Idaho safe schools facilities loan program loans
26 for money borrowed under this section or that finance abatement of unsafe and
27 unhealthy conditions through indebtedness pursuant to chapter 11, title 33,
28 Idaho Code, may apply for a grant from the school safety and health revolving
29 loan and grant fund to pay for eligible interest costs incurred on loan pro-
30 ceeds used to abate unsafe and unhealthy conditions. If the school district's
31 application for a grant is accepted, then the school district will qualify for
32 a grant of the present value of the qualifying percentage of the interest
33 costs of the loan associated with abating unsafe and unhealthy conditions as
34 follows:
35 (a) If the school district is participating in the Idaho safe schools
36 facilities loan program, within seven (7) days after the approved school
37 district receives loan proceeds from the Idaho safe schools facilities
38 loan fund, the state treasurer shall provide funds to the school district
39 in the amount of the qualifying percentage of the present value of the
40 interest costs associated with abating unsafe and unhealthy conditions.
41 (b) If a school district has obtained a loan from the school health and
42 safety revolving loan and grant fund and has refinanced its loan through
43 the Idaho safe schools facilities program and prepays the outstanding
44 principal of its loan, the school district shall be eligible for a grant
45 of the qualifying percentage of the present value of the outstanding
46 interest costs associated with the prepaid principal.
47 (c) If the school district has financed the abatement of unsafe or
48 unhealthy conditions through indebtedness pursuant to chapter 11, title
49 33, Idaho Code, within seven (7) days after the school district receives
50 bond proceeds, the state treasurer shall provide funds to the school dis-
51 trict in the amount of the qualifying percentage of the present value of
52 the interest costs associated with abating unsafe and unhealthy condi-
53 tions.
54 (8) Present value. The present value of the interest costs associated
55 with money borrowed under the Idaho safe schools facilities loan program shall
4
1 be calculated by the state treasurer using a method of equal annual loan pay-
2 ments and a discount rate of the interest rate prescribed in subsection (4) of
3 this section on the date that the school district receives funds from the
4 Idaho safe schools facilities loan fund. The present value of the unpaid
5 interest costs for principal prepayments to the school safety and health
6 revolving loan and grant fund shall be calculated by the state treasurer by
7 summing the unpaid interest that would be paid without the principal prepay-
8 ment and discounting it at the interest rate prescribed in subsection (4) of
9 this section on the date that the treasurer receives the prepayment. The pres-
10 ent value of the interest costs associated with money borrowed by a school
11 district in a bond issue shall be calculated by the state treasurer using the
12 school district's actual schedule for making interest payments on the bonds
13 and discounting those interest payments by the interest rate prescribed in
14 subsection (4) of this section on the date that the school district receives
15 funds from the bond issue.
16 (9) Qualifying percentage. The qualifying percentage of the interest
17 costs of a school district applying for a grant of interest under this section
18 shall be determined as follows: For a school district borrowing money under
19 the Idaho safe schools facilities loan program or refinancing a loan made
20 under this section with money borrowed under the Idaho safe schools facilities
21 program or incurring bonded indebtedness for safe and healthy schools, the
22 state treasurer shall express:
23 (a) the total of the bond and plant facilities levies imposed by the
24 school district (including the levy for which the application is made),
25 and
26 (b) the total levies imposed by the school district (including the levy
27 for which the application is made)
28 as a fraction of assessed value for the most recent assessment against which
29 the school district's existing levies are made.
30 The qualifying percentage of interest granted under this section shall be
31 the higher of the amounts shown in the following tables:
32 Table 1 - Bond and Plant Facilities Levies
33 Bond Plus Plant Facilities Levy Qualifying Percentage
34 Less than .0019............................................................10%
35 More than .0019 and less than .0029........................................20%
36 More than .0029 and less than .0039........................................30%
37 More than .0039............................................................40%
38 Table 2 - Total Levies
39 Total Levy Qualifying Percentage
40 Less than .0060.............................................................0%
41 More than .0060 and less than .0072........................................25%
42 More than .0072 and less than .0084........................................50%
43 More than .0084 and less than .0096........................................75%
44 More than .0096...........................................................100%
45 (10) Interest costs for abatement of unsafe and unhealthy conditions. The
46 interest costs for abatement of unsafe and unhealthy conditions shall be cal-
47 culated by determining the percentage of the loan proceeds or prepayment of
48 the loan that will be used to abate unsafe and unhealthy conditions.
49 (11) Procedures. The state treasurer may prescribe forms for applying for
50 a loan or grant under this section. No actions taken under this section are
51 contested cases or rulemaking subject to chapter 52, title 67, Idaho Code, and
52 none of the contested case or rulemaking procedures of chapter 52, title 67,
53 Idaho Code, apply to actions taken under this section.
54 (12) The state treasurer's authority to accept applications for and to
55 approve grants of interest from the school safety and health revolving loan
5
1 and grant fund shall cease on July 1, 20043.
2 SECTION 2. An emergency existing therefor, which emergency is hereby
3 declared to exist, this act shall be in full force and effect on and after its
4 passage and approval.
STATEMENT OF PURPOSE
RS 12055
The purpose of this legislation is to amend 33-1017 (School
Safety and Health Revolving Loan and Grant Fund) to allow for the
use of proceeds from a bond sale, as well as, a school plant
facilities levy. Additionally, it provides for a sunset date of
June 30, 2003.
FISCAL IMPACT
Subject to appropriation, school districts accessing the
provisions of this act will save funds due to less interest costs.
Contact
Name: Senator Darrel Deide
Phone: 332-1328
Representative Lawrence Denney
332-1244
STATEMENT OF PURPOSE/FISCAL NOTE S 1431
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