105 ILCS 5/2-3.117a
2021 Illinois Compiled Statutes|Chapter 105 - SCHOOLS|105 ILCS 5/ - School Code.|Article 2 - State Board of Education - Powers and Duties

Sec. 2-3.117a. School Technology Revolving Loan Program.(a) The State  Board of Education is authorized to administer a School Technology Revolving  Loan Program from funds appropriated  from the School Technology Revolving Loan  Fund for the purpose of making the financing of school technology hardware  improvements affordable  and making the integration of technology in the classroom possible. School  technology loans shall be made available to  public school districts, charter schools, area vocational centers,  laboratory schools, and State-recognized, non-public schools to purchase technology hardware for eligible grade  levels on a 2-year rotating basis: grades 9 through 12 in fiscal year 2004  and each second year thereafter and grades K through 8 in fiscal year  2005 and each second year thereafter. However, priority shall be given to public school districts, charter schools, area vocational centers, and laboratory schools that apply prior to October 1 of each year.The State Board of Education shall determine the interest rate the loans  shall bear which shall not be greater than 50% of the rate for the most recent  date shown in the 20 G.O. Bonds Index of average municipal bond yields as  published in the most recent edition of The Bond  Buyer, published in New York, New York.  The repayment period for School  Technology Revolving Loans shall not exceed 3 years. Participants shall use at least 90% of the loan proceeds for technology  hardware  investments for  students and staff (including computer hardware, technology networks,  related  wiring, and other items as defined in rules adopted by the State Board of  Education) and up to 10% of the loan proceeds for computer furniture. No  participant whose equalized assessed valuation per pupil in  average daily attendance is at the 99th percentile and above for all districts  of the same type shall be eligible to receive a School Technology Revolving  Loan under the provisions of this Section for that year.The State Board of Education shall have the authority to adopt all rules  necessary for the implementation and administration of the School Technology  Revolving Loan Program, including, but not limited to, rules defining  application procedures, prescribing a maximum amount per pupil that may be  requested annually, requiring appropriate local commitments for  technology investments, prescribing a mechanism for disbursing  loan funds in the event requests exceed available funds, specifying  collateral, prescribing  actions necessary to protect the State's  interest in the event of default, foreclosure, or noncompliance with the terms  and conditions of the loans, and prescribing a mechanism for reclaiming any items or equipment purchased with the loan funds in the case of the closure of a non-public school.(b) There is created in the State treasury the School Technology Revolving  Loan Fund.  The State Board shall have the authority to make expenditures from  the Fund pursuant to appropriations made for the purposes of this Section, including refunds.  There shall be deposited into the Fund such amounts, including but not limited  to:(1) Transfers from the School Infrastructure Fund;(2) All receipts, including principal and interest     payments, from any loan made from the Fund;(3) All proceeds of assets of whatever nature     received by the State Board as a result of default or delinquency with respect to loans made from the Fund;(4) Any appropriations, grants, or gifts made to the     Fund; and(5) Any income received from interest on investments     of money in the Fund. (Source: P.A. 96-734, eff. 8-25-09; 96-783, eff. 8-28-09; 96-1000, eff. 7-2-10.)