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m -2- ~overnor Hartin has noted that more than half of the school buildings in the State'were constructed before 1959, with thirty percent (30%) built between 1950 and 1959, and twenty-four percent (24~) built between 1gDo and 1949. Obviously, some counties have needs ~reater than the earmarked revenues alone can support. In such cases, counties may utilize other available revenues to support their loan requests. If a county elects to participate in this progr~n, the county commis~ sioners will have the option of entering into t~o typ~s of repayment agreements with the State. If it ii decided to pledge the County's taxing power to the repa~nent of the loan, it will be necessary to submit the proposition to the voters of the County at a referendum. If it is decided not to pledge the County's taxing power to the repayment of the loan, then the loan ~ill be repaid from legally available resources specified in the loan ~jre~nent of the County which would not create a debt of the County requiring a vote. In the latter case, the voters will still have the right to petition for a referendum on any proposed loan a~ree~ent. Thus, local autonomy is preserved, and school board me~bers and county co~issioners will Continue to be responsible for local decisions. In fact, assured access to capital markets, through the State, will facilitate and encourage strategic capital planning on a joint basis between the locally elected officials responsible for building and financing schools. When authorized, State bonds will be issued as needed to provide money to counties as provided by underlying loan agreements. Building now will save the .added costs of inflation later and will hasten local compliance with the basic education progr~ recently enacted and strongly supported by the General Assembly.