(a) This part is enacted to set forth the criteria that shall be used by the:
- (1) Department of Education’s Loans and Bonds Committee (“committee”) in reviewing and recommending loan and bond applications from school districts and revolving loan applications from education service cooperatives to the State Board of Education;
- (2) State board in reviewing loan and bond applications from school districts and revolving loan applications from education service cooperatives; and
- (3) Commissioner of Elementary and Secondary Education (“commissioner”) in consideration of certain loan and bond applications.
- (b) Also, this part is enacted to set forth the criteria that shall be used by the Division of Public School Academic Facilities and Transportation, the State Funding/Loans and Bonds Unit, and the committee in reviewing and recommending to the state board Academic Facilities High-Growth School District Loan Program loans to qualifying school districts.