[Congressional Record Volume 153, Number 89 (Tuesday, June 5, 2007)]
[Senate]
[Pages S7074-S7075]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mrs. CLINTON:
  S. 1542. A bill to establish State infrastructure banks for 
education, and for other purposes; to the Committee on Health, 
Education, Labor, and Pensions.
  Mrs. CLINTON. Mr. President, I rise today to introduce the Investing 
for Tomorrow's Schools Act of 2007, an act that is critical in bringing 
our Nation's schools into the 21st century. If passed, this legislation 
would provide States with an economical way to fund school 
construction. Please allow me to express my thanks to my friend, 
Senator Harkin, for joining my efforts in the Senate, as well as to 
Representative Tauscher for his leadership in the House and his 
introduction of the companion bill.
  The American Society of Civil Engineers gave our Nation's school 
buildings a D in their last report card, with 75 percent of facilities 
deemed inadequate for education. Yet our children attend these schools 
every day.
  When students attend rundown schools, their well-being and ability to 
learn is threatened. In 2004, in Washingtonville, NY, the roof over a 
classroom, in the 44-year-old Taft Elementary, collapsed. Had the 
collapse occurred just 32 days later, 15 children and 2 teachers could 
have been seriously injured or even killed.
  This past January, New York's Manhasset School District issued a 
report describing the condition of its

[[Page S7075]]

only high school. The 72-year-old building has exceeded its life 
expectancy, with a roof ``beyond the stages of patching and repairing'' 
and in need of replacement. Last school year, part of the ceiling 
collapsed in one of the stairwells.
  Buildings like this one, in use beyond their life expectancy, are 
dangerous and don't meet the demands of the 21st century. The lack of 
adequate school buildings hampers today's most promising and innovative 
efforts to boost student achievement. Many older school buildings are 
in a dangerous state of disrepair and have seriously outdated 
facilities. Many do not even have the proper wiring for computer 
networks. While we work to give students the academic tools they need 
to compete in the 21st century, we must also upgrade school facilities 
to give students a learning environment conducive to success. This is 
why we included a new provision in this legislation creating healthy 
high-performance schools guidelines to direct schools during renovation 
and construction in order to create schools that will foster the 
development of children.
  According to the National Education Association, repairs and 
modernization nationwide will cost $322 billion. Last year, over $20 
billion was spent nationwide on school construction. At that rate, it 
will take more than 16 years to modernize school buildings, when 
today's kindergartners could be graduating from college. Clearly, 
school construction is costly, but a price cannot be put on the value 
of our children's education and well-being. We must use innovative 
methods in providing funding for schools to make these essential 
renovations.
  That is why I am introducing this bill. At the center of this bill is 
the creation of State infrastructure banks, which would improve 
financing for school construction. This financing mechanism was 
pioneered by the Reagan administration, which used it to help local 
communities fund water treatment and clean water facilities. The 
Clinton administration also used State infrastructure banks to help 
States finance transportation projects.
  State infrastructure banks have been successful in financing public 
projects at a low cost to taxpayers. They would offer school districts 
flexible options of loan and credit enhancement assistance, such as 
low-interest loans, bond-financing security, loan guarantees, and 
credit support for financing projects, which result in lower interest 
rates. State infrastructure banks would not strain the Federal Treasury 
or the American taxpayer. After initial funding, they would require no 
ongoing Federal appropriations. As loans are repaid, funds would be 
replenished, and banks could make new loans available.
  Passage of this bill would help provide immediate aid to the neediest 
schools and help local communities fund affordable construction far 
into the future. This modest proposal is one step in the school 
construction solution. We must continue to move forward in this 
Congress by creating an academic setting that will prepare our students 
for the 21st century workplace. I ask my colleagues to join me and 
Senator Harkin in supporting this critical piece of legislation.
                                 ______