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ERIC Number: ED396871
Record Type: Non-Journal
Publication Date: 1995-Aug-2
Pages: 12
Abstractor: N/A
Reference Count: N/A
National Tribal School Bonding Bill Position Paper.
Dakota Area Consortium of Tribal Schools, Inc., Oglala, SD.
As of August 1995, there exists a backlog of $800 million in needed facility improvements, repairs, and construction in schools funded by the Bureau of Indian Affairs (BIA). The cost and number of projects has risen to a level that exceeds current program funds. With the school buildings deteriorating and the student population increasing, there is an immediate need to fund these projects. This position paper proposes a Congressional bill to create a National Indian Bonding Authority that would issue bonds to finance these projects. Existing education program money and reserve funds would be the repayment source and security for the bonds. These existing funds would be leveraged through the bonds to fund substantially more projects. BIA and tribal grant schools would establish the projects, which would be approved by existing federal agencies. A bonding underwriter would underwrite and sell the bonds, the proceeds of which would be deposited with a bond trustee acting as a disbursement agent. The issue of timely payment of principal and interest by the Indian Nations is removed by having the debt service moneys come directly from the U.S. Treasury. Included are a memo from the Acting Inspector General reflecting difficulties in the BIA audit, data on some of the unobligated and unattached construction funds that could be used to leverage and secure construction bonds, and a cover letter soliciting support for the initiative. (Contains three tables.) (TD)
Publication Type: Legal/Legislative/Regulatory Materials; Opinion Papers
Education Level: N/A
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: Dakota Area Consortium of Tribal Schools, Inc., Oglala, SD.