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For Immediate Release: June 10, 2009
Contact: Mary Stadick Smith - (605) 773-7228
Thirteen districts to receive bonding authority under federal stimulus plan
Thirteen South Dakota school districts have been approved for $29 million in bonding authority to raise funds for construction or rehabilitation projects as part of the American Recovery and Reinvestment Act.
“This new bonding program gives school districts a remarkable opportunity to complete school modernization projects during tough economic times,” said Gov. Mike Rounds. “These projects will be a boost to the construction industry and help keep people at work in communities across South Dakota.”
The ARRA, or federal stimulus initiative, created a new financial instrument called the Qualified School Construction Bond. With this new instrument, school districts basically receive interest-free loans to complete modernization projects, and their lenders get tax credits.
QSCB funds may be used for two main purposes: (1) to construct, rehabilitate or repair public school facilities; (2) to acquire land on which school facilities can be constructed.
Twenty-four school districts applied for bonding authority under the federal stimulus program.
The state Department of Education plans to allocate 2010 bonding authority for the remaining 11 districts as soon as it becomes available.
Approved for bonding authority – 2009
Aberdeen School District: $2.8 million
Custer School District: $3.0 million
Freeman School District: $2.7 million
Gettysburg School District: $1.5
Groton Area School District: $2.0 million
Hanson School District: $330,000
Highmore-Harrold School District: $2.0 million
Mitchell School District: $2.5 million
Tri-Valley School District: $4.5
Vermillion School District: $757,000
Warner School District: $1.1 million
Wolsey-Wessington School District: $3.1 million
Yankton School District: $2.8 million