ERIC Number: ED234657
Record Type: Non-Journal
Publication Date: 1982-Jun
Reference Count: N/A
Revenue Bonds to Finance College and University Programs. Hearing and Markup before the Subcommittee on Fiscal Affairs and Health and the Committee on the District of Columbia. House of Representatives, Ninety-Seventh Congress, Second Session on H.R. 6010 and H.R. 6276 to Amend the Revenue Bond Section of the Home Rule Act for the Purpose of Providing for Student Loans. (May 26 and June 23, 1982).
Congress of the U.S., Washington, DC. House Committee on the District of Columbia.
Testimonies are presented on two bills to amend the revenue bond section of the Home Rule Act to permit the District of Columbia to sell revenue bonds to borrow money to finance student loans. The issue regarding H.R. 6010 and H.R. 6276 is whether the District should be allowed to make its own determination regarding the advisability of establishing a loan program backed by the sale of revenue bonds. Because bonds issued to finance college programs would not have any federal or local governmental guarantees, their success would be largely dependent on the creditworthiness of participating educational institutions and the individual borrowers. The legislation is important to colleges and universities as well as to students, since without adequate financing, students will not be able to afford higher education and enrollment could drop heavily. About one-half of the students enrolled in the District's higher education institutions come from the Washington metropolitan area. With the efforts to cut back on student aid generally, universities in the District need to seek some other sources of student loan funds. A chart featuring the state income taxability of municipal bonds by the 50 states and the District of Columbia is presented that includes both individual and corporate investors. (SW)
Publication Type: Legal/Legislative/Regulatory Materials
Education Level: N/A
Authoring Institution: Congress of the U.S., Washington, DC. House Committee on the District of Columbia.