Investing for Tomorrow's Schools Act of 2005 - Authorizes the Secretary of Education to enter into cooperative agreements with states to establish state and multistate infrastructure banks for education.
Provides, under such agreements, that the Secretary will award grants to states for initial capital to make loans through such banks to local educational agencies and public libraries for construction, reconstruction, or renovation of public elementary or secondary schools and public library facilities.
Grants congressional consent to states to enter into an interstate compact to establish a multistate infrastructure bank through such an agreement with the Secretary.
Includes among infrastructure bank requirements that states contribute from nonfederal sources at least 25% of the amount of the federal grant.
Lists types of projects eligible to be funded by such bank loans. Applies Davis-Bacon Act wage requirements with respect to individuals employed on such projects.
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