Tom Harkin: “the need to rebuild our Nation's crumbling schools is clear. The National Center for Education Statistics estimates that…”

“the need to rebuild our Nation's crumbling schools is clear. The National Center for Education Statistics estimates that it would cost $127 billion to repair, modernize, and renovate U.S. schools. Fourteen million U.S. students currently attend schools that report a need for extensive repair. And a study by the American Society of Civil Engineers concludes that public schools are in worse condition than any other sector of our national infrastructure. And yet the Federal Government is doing far too little to help. That is why I am introducing the Investing for Tomorrow's Schools Act of 2002. I am pleased to have Senators Clinton, Carnahan, and Feinstein join with me as co-sponsors. This legislation allows States to create ``infrastructure banks'' for public schools and libraries. Modeled after State revolving funds, which have been used successfully to finance transportation projects, these banks would offer low-interest loans to school districts for building or repairing public schools, and to public libraries for building or repairing libraries. As the loans are repaid, the bank funds would be replenished, and the banks could make new loans to other schools and libraries. Once the banks got rolling, they would sustain themselves, without any need for ongoing Federal appropriations. After more than a decade of fighting to rebuild our Nation's deteriorating schools, I am well aware that this bill is just one part of the solution.”