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instead of being sold on the open market, the bonds are purchased by the Virginia Public School Authority. The proceeds are then used to buy the staellite dishes, computers, and other equipment on a bulk order.
The payback on the bonds is spread over five years. The first two years of the amortization is covered by the General Assembly’s appropriation for the current biennium. That much is guaranteed, but there is no 100 percent surety that the leg- C' islature will provide the mQney for the remaining three years, Dr. Gangel said, acknowledging that the state’s lawmakers could decide not to honor their commitment and then the county would be responsible for the remaining three years of repayment.
He predicted, however, that additional allocations for the Governor’s Educational Technology Initiative will be forthcoming in 1990
See BONDS, p. 16
84.6%