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It's the private sector to the rescue, Reagan-style. The Bank of America and Chevron Oil Company have formed a foundation to help California public schools, hard hit by Proposition 13 tax cuts and reduced state aid. Sixty-seven school districts have been awarded grants totaling $588,509 by the new California Education Initiatives Fund. Six hundred applied.

The two firms are inviting other companies in the state to join the foundation. By one estimate, such a group could channel $10 million to $15 million a year in grants to California schools.m