Text: SSB00236 Text: SSB00238 Text: SSB00200 - SSB00299 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 16.191 LEGISLATIVE FINDINGS.
1 2 The general assembly finds and declares the following:
1 3 1. It is the public policy of the state to promote and
1 4 preserve Iowa's educational advantage because a well-educated
1 5 citizenry is attractive to business, improves the standard of
1 6 living and general welfare of all Iowans, and is a source of
1 7 state pride.
1 8 2. Iowa's students and instructional staff need access to
1 9 the latest education technology in their homes and schools in
1 10 order to maintain Iowa's eminence in education.
1 11 3. Current technology is costly and financially out-of-
1 12 reach for many students and instructional staff and the future
1 13 of education in Iowa depends upon the availability of
1 14 financing with which Iowa's students and instructional staff
1 15 may purchase the education technology at interest rates which
1 16 students, instructional staff, schools, colleges, and
1 17 universities may reasonably pay.
1 18 4. The pooling of private financing enhances the
1 19 marketability of the obligations involved and increases access
1 20 to other state, regional, and national credit markets.
1 21 5. The creation of an Iowa education technology loan
1 22 program will make the pooling of private financing available
1 23 to the boards of directors of school districts, the
1 24 authorities in charge of accredited nonpublic schools, the
1 25 boards of directors of community colleges, institutions of
1 26 higher learning under the control of the state board of
1 27 regents, and accredited private institutions as defined under
1 28 section 261.9, for the purpose of enabling students,
1 29 instructional staff, schools, colleges, and universities to
1 30 purchase education technology at affordable rates.
1 31 6. All of the purposes stated in this section are public
1 32 purposes and uses for which public moneys may be borrowed,
1 33 expended, advanced, loaned, or granted.
1 34 Sec. 2. NEW SECTION. 16.192 IOWA EDUCATION TECHNOLOGY
1 35 LOAN PROGRAM &endash; SPECIFIC POWERS.
2 1 The authority shall initiate an education technology loan
2 2 program to assist Iowa's students, instructional staff,
2 3 schools, colleges, and universities in purchasing education
2 4 technology for school and home use. For purposes of this
2 5 section, "education technology" means personal computers,
2 6 software, and associated education technology. In carrying
2 7 out the education technology loan program, the authority may
2 8 do any of the following:
2 9 1. The authority may issue its bonds and notes, or series
2 10 of bonds or notes for the purpose of making program loans for
2 11 education technology. All bonds or notes issued by the
2 12 authority in connection with the program are exempt from
2 13 taxation by this state and the interest on the bonds or notes
2 14 is exempt from the state income tax.
2 15 2. Make loans, secured and unsecured, for the acquisition
2 16 of education technology on terms the authority determines.
2 17 The authority may take any action that is reasonable and
2 18 lawful to protect its security and to avoid losses from its
2 19 loans.
2 20 3. Make loans to the board of directors of a school
2 21 district, the authorities in charge of an accredited nonpublic
2 22 school, the board of directors of a community college, an
2 23 institution of higher learning under the control of the state
2 24 board of regents, or to an accredited private institution as
2 25 defined under section 261.9.
2 26 4. Provide that the interest on obligations may vary in
2 27 accordance with a base or formula authorized by the authority.
2 28 5. Contract for the acquisition of education technology as
2 29 provided in subsection 2 and for the leasing, subleasing,
2 30 sale, or other disposition of education technology in a manner
2 31 determined by the authority.
2 32 Sec. 3. NEW SECTION. 16.193 LOAN AGREEMENTS.
2 33 1. The authority may enter into loan agreements with one
2 34 or more borrowers to finance, in whole or in part, education
2 35 technology. The repayment obligation of the borrower or
3 1 borrowers may be unsecured, secured by a security agreement,
3 2 or other security may be required as the authority deems
3 3 advisable. The repayment obligation may be evidenced by one
3 4 or more notes of the borrower or borrowers. The loan
3 5 agreements may contain terms and conditions the authority
3 6 deems advisable.
3 7 2. The authority may issue its bonds and notes for the
3 8 education technology as provided under section 16.192, and may
3 9 enter into one or more lending agreements or purchase
3 10 agreements with one or more bondholders or noteholders
3 11 containing the terms and conditions of the repayment of and
3 12 the security for the bonds or notes. The authority and the
3 13 bondholders or noteholders or a trustee or agent designated by
3 14 the authority may enter into agreements to provide for any of
3 15 the following:
3 16 a. That the proceeds of the bonds and notes and the
3 17 investments of the proceeds may be received, held, and
3 18 disbursed by the bondholders or noteholders, or by a trustee
3 19 or agent designated by the authority.
3 20 b. That the bondholders or noteholders or a trustee or
3 21 agent designated by the authority may collect, invest, and
3 22 apply the amounts payable under the loan agreements or any
3 23 other security instruments securing the debt obligations of
3 24 the borrower or borrowers.
3 25 c. That the bondholders or noteholders may enforce the
3 26 remedies provided in the loan agreements or security
3 27 instruments on their own behalf without the appointment or
3 28 designation of a trustee. If there is a default in the
3 29 payment of principal of or interest on the bonds or notes or
3 30 in the performance of any agreement contained in the loan
3 31 agreements or security instruments, the payment or performance
3 32 may be enforced in accordance with the loan agreement or
3 33 security instrument.
3 34 d. That if there is a default in the payment of the
3 35 principal or interest on a security instrument or if there is
4 1 a violation of an agreement contained in the security
4 2 instrument, the security instrument may be enforced.
4 3 Collateral may be sold under proceedings or actions permitted
4 4 by law. A trustee under the security agreement or the holder
4 5 of any bonds or notes secured by the security agreement may
4 6 become a purchaser if the trustee or holder is the highest
4 7 bidder.
4 8 e. Other terms and conditions as deemed necessary or
4 9 appropriate by the authority.
4 10 3. In order to facilitate the use of technology in Iowa
4 11 schools and postsecondary institutions, a school district,
4 12 community college, or an institution of higher learning under
4 13 the control of the state board of regents may purchase the
4 14 needed technology and resell or lease the technology to a
4 15 student, a student's parent or legal guardian, or an
4 16 instructional staff member of the school district, community
4 17 college, or institution of higher learning under the control
4 18 of the state board of regents. Payment for a sale or lease
4 19 made under this subsection may be for a period not to exceed
4 20 five years. However, if prior to the end of the sales or
4 21 lease contract, a student is no longer enrolled at the
4 22 institution that sold or leased the technology, or if the
4 23 instructional staff member no longer serves or is employed by
4 24 the school district, any remaining payments shall be due and
4 25 payable at once. The interest costs and other charges
4 26 incurred by the school district in its purchase of the
4 27 technology shall be made part of the sales or lease payments.
4 28 Sec. 4. NEW SECTION. 16.194 SECURITY FOR BONDS &endash;
4 29 RESERVE FUNDS &endash; VALIDITY OF PLEDGE &endash; NONLIABILITY &endash;
4 30 IRREVOCABLE CONTRACTS.
4 31 1. The authority may provide in the resolution authorizing
4 32 the issuance of its bonds or notes for the Iowa education
4 33 technology loan program that the principal of, premium, if
4 34 any, and interest on the bonds or notes are payable
4 35 exclusively from any of the following:
5 1 a. The income and receipts or other money derived from the
5 2 technology financed with the proceeds of the bonds or notes.
5 3 b. The income and receipts or other money derived from the
5 4 technology whether or not the technology is financed in whole
5 5 or in part with the proceeds of the bonds or notes.
5 6 c. The authority's income and receipts of other assets
5 7 generally, or a designated part or parts of them.
5 8 2. For the purpose of securing one or more issues of its
5 9 bonds or notes, the authority may establish one or more
5 10 special funds, called capital reserve funds. The authority
5 11 may pay into the capital reserve funds the proceeds of the
5 12 sale of its bonds or notes and other money that may be made
5 13 available to the authority from other sources for the purposes
5 14 of the capital reserve funds. Except as provided in this
5 15 section, money in a capital reserve fund shall be used only as
5 16 required for any of the following:
5 17 a. The payment of the principal of and interest on bonds
5 18 or notes or of the capital reserve fund payments with respect
5 19 to those bonds or notes.
5 20 b. The purchase or redemption of the bonds or notes.
5 21 c. The payment of a redemption premium required to be paid
5 22 when the bonds or notes are redeemed before maturity.
5 23 However, money in a capital reserve fund shall not be
5 24 withdrawn if the withdrawal would reduce the amount in the
5 25 capital reserve fund to less than the capital reserve fund
5 26 requirement, except for the purpose of making payment, when
5 27 due, of principal, interest, redemption premiums on the bonds
5 28 or notes, and making capital reserve fund payments when other
5 29 money pledged to the payment of the bonds or notes is not
5 30 available for the payments. Income or interest earned by, or
5 31 increment to, a capital reserve fund from the investment of
5 32 all or part of the fund may be transferred by the authority to
5 33 other funds or accounts of the authority if the transfer does
5 34 not reduce the amount of the capital reserve fund below the
5 35 capital reserve fund requirement.
6 1 3. If the authority decides to issue bonds or notes
6 2 secured by a capital reserve fund, the bonds or notes shall
6 3 not be issued if the amount in the capital reserve fund is
6 4 less than the capital reserve fund requirement, unless at the
6 5 time of issuance of the bonds or notes the authority deposits
6 6 in the capital reserve fund from the proceeds of the bonds or
6 7 notes to be issued or from other sources, an amount which,
6 8 together with the amount then in the fund, is not less than
6 9 the capital reserve fund requirement.
6 10 4. In computing the amount of a capital reserve fund for
6 11 the purpose of this section, securities in which all or a
6 12 portion of the fund is invested shall be valued by a
6 13 reasonable method established by the authority by resolution.
6 14 Valuation shall include the amount of interest earned or
6 15 accrued as of the date of valuation.
6 16 5. In this section, "capital reserve fund requirement"
6 17 means the amount required to be on deposit in the capital
6 18 reserve fund as of the date of computation as determined by
6 19 resolution of the authority.
6 20 6. All amounts paid to the authority by the state pursuant
6 21 to this section shall be considered advances by the state to
6 22 the authority and, subject to the rights of the holders of any
6 23 bonds or notes of the authority that have previously been
6 24 issued or will be issued, shall be repaid to the state without
6 25 interest from all available operating revenues of the
6 26 authority in excess of amounts required for the payment of
6 27 bonds, notes, or obligations of the authority, the capital
6 28 reserve fund, and operating expenses.
6 29 7. The authority may establish reserve funds, other than
6 30 capital reserve funds, to secure one or more issues of its
6 31 bonds or notes. The authority may deposit in a reserve fund
6 32 established under this subsection the proceeds of the sale of
6 33 its bonds or notes and other money that is made available from
6 34 any other source.
6 35 8. It is the intention of the general assembly that a
7 1 pledge made in respect of bonds or notes shall be valid and
7 2 binding from the time the pledge is made, that the money or
7 3 property so pledged and received after the pledge by the
7 4 authority shall immediately be subject to the lien of the
7 5 pledge without physical delivery or further act, and that the
7 6 lien of the pledge shall be valid and binding as against all
7 7 parties having claims of any kind in tort, contract, or
7 8 otherwise against the authority whether or not the parties
7 9 have notice of the lien. Neither the resolution, trust
7 10 agreement, nor any other instrument by which a pledge is
7 11 created needs to be recorded or filed under the Iowa uniform
7 12 commercial code to be valid, binding, or effective against the
7 13 parties.
7 14 9. Neither the members of the authority nor a person
7 15 executing the bonds or notes are liable personally on the
7 16 bonds or notes or are subject to personal liability or
7 17 accountability by reason of the issuance of the bonds or
7 18 notes.
7 19 10. The bonds or notes issued by the authority are not an
7 20 indebtedness or other liability of the state or of a political
7 21 subdivision of the state, except the authority, and are
7 22 payable solely from the income and receipts or other funds or
7 23 property of the authority which are designated in the
7 24 resolution of the authority authorizing the issuance of the
7 25 bonds or notes as being available as security for bonds or
7 26 notes. The authority shall not pledge the faith or credit of
7 27 the state or of a political subdivision of the state, except
7 28 the authority, to the payment of a bond or note. The issuance
7 29 of a bond or note by the authority does not directly,
7 30 indirectly, or contingently obligate the state or a political
7 31 subdivision of the state to apply money from, or levy or
7 32 pledge any form of taxation whatever to, the payment of the
7 33 bond or note.
7 34 11. The state pledges to and agrees with the holders of
7 35 bonds or notes issued under the Iowa education technology loan
8 1 program that the state will not limit or alter the rights and
8 2 powers vested in the authority to fulfill the terms of a
8 3 contract made by the authority with respect to the bonds or
8 4 notes, or in any way impair the rights and remedies of the
8 5 holders until the bonds and notes, together with the interest
8 6 on them including interest on unpaid installments of interest,
8 7 and all costs and expenses in connection with an action or
8 8 proceeding by or on behalf of the holders, are fully met and
8 9 discharged. The authority is authorized to include this
8 10 pledge and agreement of the state, as it refers to holders of
8 11 bonds or notes of the authority, in a contract with the
8 12 holders.
8 13 Sec. 5. NEW SECTION. 16.195 ADOPTION OF RULES.
8 14 The board of directors of the authority shall adopt rules
8 15 pursuant to chapter 17A to implement sections 16.191 through
8 16 16.194.
8 17 Sec. 6. NEW SECTION. 18.19 STATE EDUCATION TECHNOLOGY
8 18 PURCHASING POOL.
8 19 The department of general services shall establish a
8 20 purchasing pool for computer hardware and software and
8 21 associated technology by which Iowa elementary or secondary
8 22 students, and postsecondary college or university students, or
8 23 their parents, legal guardians, or grandparents who live in
8 24 Iowa, and Iowa instructional staff, may purchase computer
8 25 hardware, software, and associated technology for home,
8 26 school, college, or university use at the most affordable
8 27 costs available.
8 28 The department shall approach, work with, and solicit bids
8 29 from, all reputable high technology vendors for technology
8 30 that meets the present and future education needs of Iowa's
8 31 education community and which Iowa's students and their
8 32 parents, legal guardians, or grandparents, can purchase,
8 33 through local businesses when possible, at wholesale prices.
8 34 To determine the present and future technology needs of
8 35 Iowa's education community, the department shall consult with
9 1 representatives of educational agencies, educational
9 2 institutions, school corporations, nonpublic schools, and
9 3 licensed education practitioners. The department shall
9 4 develop a bid list and by August 1, 1995, shall make the list
9 5 available upon request to Iowa students and their parents,
9 6 legal guardians, or grandparents living in Iowa, Iowa
9 7 instructional staff, and students attending colleges or
9 8 universities located in Iowa. The department shall update the
9 9 bid list annually.
9 10 Sec. 7. NEW SECTION. 273.10 STAFF DEVELOPMENT &endash;
9 11 EDUCATION TECHNOLOGY.
9 12 It is the intent of the general assembly that the
9 13 department of education, area education agencies,
9 14 postsecondary education institutions, and business interests
9 15 in a collaborative effort, fund and develop mobile units
9 16 containing current and emerging education technology to train
9 17 Iowa instructional staff and district administrators in
9 18 current and emerging education technology. The information
9 19 provided by the mobile units shall also be made available to
9 20 school districts, parents and students, community members, and
9 21 school board members.
9 22 EXPLANATION
9 23 The bill provides that the general assembly finds and
9 24 declares that Iowa's students and instructional staff need
9 25 access to the latest computer and education technology in
9 26 their homes and schools in order to maintain Iowa's eminence
9 27 in education. To assist students, teachers, schools,
9 28 colleges, and universities in purchasing education technology
9 29 for school, college, university, and home use, the bill
9 30 establishes an education technology purchasing pool and
9 31 education technology loan program. To instruct teachers in
9 32 the latest in education technology, the bill requires area
9 33 education agencies to cooperate and consult with their local
9 34 business communities to develop and fund a mobile unit for
9 35 staff development in education technology.
10 1 Section 1 of the bill establishes intent language
10 2 explaining the purpose of establishing an education technology
10 3 loan program under the Iowa finance authority.
10 4 Sections 2 through 4 provide for the specific powers of the
10 5 Iowa finance authority in administering the education
10 6 technology loan program. The authority may issue bonds and
10 7 notes for the purpose of making loans for education
10 8 technology. All such bonds or notes issued shall be exempt
10 9 from taxation by the state of Iowa and the interest thereon
10 10 shall be exempt from state income tax. The loans are to be
10 11 used to purchase education technology, which for purposes of
10 12 the program means personal computers, software, and associated
10 13 education technology.
10 14 The loans may be made to the board of directors of a school
10 15 district, the authorities in charge of an accredited nonpublic
10 16 school, the board of directors of a community college, an
10 17 institution of higher learning under the control of the state
10 18 board of regents, or to an accredited private institution as
10 19 defined under section 261.9.
10 20 Schools and postsecondary institutions may resell or lease
10 21 the education technology purchased to a student, a student's
10 22 parent or legal guardian, or an instructional staff member.
10 23 Payment for a sale or lease may be for a period not to exceed
10 24 five years.
10 25 For the purpose of securing one or more issues of its bonds
10 26 or notes, the authority may establish one or more special
10 27 funds, called "capital reserve funds". The bill provides for
10 28 the uses of the funds.
10 29 The bonds or notes issued by the authority under the
10 30 provisions of the bill are not an indebtedness or other
10 31 liability of the state or of a political subdivision of the
10 32 state, except the authority.
10 33 Section 5 of the bill requires the authority to adopt rules
10 34 pursuant to chapter 17A to implement the education technology
10 35 loan program.
11 1 Section 6 establishes a state education technology
11 2 purchasing pool in the department of general services. The
11 3 purchasing pool for computer hardware, software and associated
11 4 technology is created so that Iowa elementary, secondary,
11 5 college and university students attending schools or
11 6 institutions in Iowa, and their parents, legal guardians, or
11 7 grandparents, and instructional staff may purchase the
11 8 technology at the most affordable cost available. The
11 9 department shall approach, work with, and solicit bids from
11 10 all reputable high technology vendors for education technology
11 11 that meets the present and future education needs of Iowa's
11 12 education community. To determine these needs, the department
11 13 shall consult with representatives of educational interests.
11 14 The department shall develop a bid list and by August 1, 1995,
11 15 shall make the list available upon request to Iowa students,
11 16 their parents, legal guardians, and grandparents living in
11 17 Iowa, and Iowa instructional staff.
11 18 Section 7 of the bill provides legislative intent that the
11 19 department of education and the area education agencies
11 20 collaborate with postsecondary education institutions and
11 21 business interests in the funding and development of mobile
11 22 units for instructional staff and administrator training in
11 23 current and emerging education technology. The information
11 24 provided by the mobile units shall also be made available to
11 25 school districts, parents and students, community members, and
11 26 school board members.
11 27 LSB 1054SC 76
11 28 kh/jw/5
Text: SSB00236 Text: SSB00238 Text: SSB00200 - SSB00299 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
Iowa General Assembly
Search: Senate Bills and Amendments (76th General Assembly)
© 1996 Cornell College and League of Women Voters of Iowa
Comments? webmaster@legis.iowa.gov.
Last update: Thu Feb 8 16:38:58 CST 1996
URL: /DOCS/GA/76GA/Legislation/SSB/00200/SSB00237/950307.html
jhf