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OCR Page 1 of 72Mary L. Smith
09/28/2000 07:46:19 PM
Record Type:
Record
To:
James R. Kvaal/OPD/EOP@EOP
CC:
Karin Kullman/OPD/EOP@EOP, Anna Richter/OPD/EOP@EOP
Subject: blurbs on native american school construction
here are some blurbs for the press paper for the Native American parts of school construction: OMB has
signed off on this already --let me know if you need anything else
Native American School Modernization Bonds. The President's FY2001 budget
includes $24.8 billion of School Modernization Tax Credit Bonds for the
construction and renovation of public schools, including a component for Native
American schools. The Secretary of Interior would be authorized to allocate $400
million in bonding authority ($200 million in 2001 and $200 million in 2002) to
tribes for the replacement and renovation of Bureau of Indian Affairs (BIA)-funded
schools. These schools have $800 million in health, safety, and other critical needs.
In addition to providing tax credits to the bondholders in lieu of interest payments,
the Administration requested up to $30 million to help ensure principal repayment
for tribal issuers. The Administration passage of legislation to make the bonding
proposal a reality for Indian communities.
New Urgently Needed School Repair Program. This new $1.3 billion loan and
grant program leverages nearly $7 billion in private-sector investments for
renovation projects in economically distressed school districts with little or no
capacity to fund urgent repairs. Within this grant program, $50 million would be
allocated to public schools with high concentrations of Native American students.
The President will urge Congress to pass this needed legislation to repair these
facilities SO that our children can attend safe schools.