School Bonding Program and Bond Debt Service Discussion

Rhode Island's School Bond Program ■ ■ Facilitated through the Rhode Island Health and Education Building Corporation. (RIHEBC, pronounced "RYE-beck"). Called the "Public Schools Revenue Bond Financing Program" RIHEBC issues the bonds which are backed by loans from local Rhode Island school districts, cities or towns The bonds/loans are repaid through a combination of the local entity's dollars and State subsidy funds (State Housing Aid and various bonuses) State subsidy is paid as a reimbursement of entity's debt service, commencing after the project is completed. The State provides this subsidy in the form a proportional amount of debt service, which can range up to 96% of the bonds' debt service. 4 ■ PRAG

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