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The President's Proposal to Repair, Renovate and Renew
Within the framework of a budget that maintains fiscal discipline and eliminates the debt by the year 2013, the President's agenda includes a proposal to address the fact that at least 2,400 new public schools will be needed nationwide by 2003 to accommodate rising enrollments and to relieve overcrowding. Thousands more will be needed in following years.
To address this critical need, President Clinton is renewing his commitment to his School Modernization Bond proposal.
Provides $24.8 billion in tax credit bonds over two years to modernize up to 6,000 schools. This proposal has an estimated cost of $8 billion over ten years.
Within this $24.8 billion program, $2.4 billion is reserved for Qualified Zone Academy Bonds.
In addition, the 2001 budget includes a new $1.3 billion school urgent/emergency renovation loan and grant proposal. This $1.3 billion program could support nearly $7 billion of renovation projects in high-need school districts with little or no capacity to fund urgent repairs.
Both loans and grants would be made available, with the smaller grant program directed toward the neediest districts.