§ 17:158.6 — School Bus Purchase Program; creation; purpose; administration

Louisiana § 17:158.6

• Jurisdiction: Louisiana
• Title 17: Credit Union Law

Text

§158.6. School Bus Purchase Program; creation; purpose; administration
A. It is the purpose of this Section to assist city and parish school systems, approved
nonpublic schools, and contract school bus operators in purchasing new school buses by
making low-interest loans available and thereby protecting the safety and welfare of the
school children of this state by assuring they are riding in safe vehicles. This purpose is
hereby declared to be a public purpose.
B.(1) There is hereby established in the Department of Education the School Bus
Purchase Program solely for the purpose of making loans to city and parish school boards,
approved nonpublic schools, and contract school bus operators for the purchase of new
school buses.
(2) The program shall be established and funded with revenues generated by the
issuance of not to exceed ten million dollars of special obligation revenue bonds by the
Louisiana Public Facilities Authority.
C. The program of providing the loans shall be implemented and administered by the
Department of Education in the manner determined by the State Board of Elementary and
Secondary Education in coordination with the Louisiana Public Facilities Authority operating
in accordance with R.S. 9:2341 through 2347. The authority shall disburse the funds as
directed by the appropriate state department official.
D. The State Board of Elementary and Secondary Education shall adopt the rules and
regulations necessary to establish the program. Such rules and regulations shall include, at
a minimum, the following:
(1) Criteria for eligibility to receive such loans.
(2) Interest rates to be charged on such loans, which shall be at the lowest rate
available sufficient to service this debt.
(3) Limits on the amount of individual loans.
(4) Terms for the repayment of such loans, including periodic installments and
deadlines for final repayment of such loans.
E. The state superintendent of education shall annually submit a report to the
legislature relative to such loan program, including but not limited to the following:
(1) The number of loans made in the preceding year and the average amount loaned
to a borrower.
(2) The collection rate of the loans.
(3) The effectiveness of the loan program.
(4) The status of the fund used for such loans at the time such report is submitted and
the viability of the fund at that time.

Legislative History

Acts 1987, No. 316, §1; Acts 2017, No. 335, §1.