State to get $29M for school building

Published/Last Modified on Thursday, Mar 18, 2010 - 01:19:25 am CDT

Capital Journal staff

Washington, DC — Rep. Herseth Sandlin announced Wednesday the state of South Dakota will receive $29,797,000 in funds to issue qualified school construction bonds under the American Recovery and Reinvestment Act.

Qualified school construction bonds can be used to finance the construction, rehabilitation or repair of a public school facility or for the acquisition of land where a school will be built.

“This long-overdue financing option will be quickly used by schools across the state to update their facilities, ultimately improving the educational experience of young people in South Dakota,” Herseth Sandlin said.

“School construction meets the goals of the stimulus by not only creating jobs, but also investing in the future of our country, our children.”

Created by the Recovery Act, qualified school construction bonds help state and local governments obtain low-cost financing for public school improvements and construction. Investors who buy the bonds receive Federal income tax credits in lieu of interest.

These tax credit bonds essentially allow state and local governments to borrow without incurring interest costs.

The Recovery Act provided for the issuance of $11 billion of qualified school construction bonds by states and large local educational agencies in 2009 and $11 billion in 2010. The 2010 amount includes $6.6 billion of bonding authority to states and $4.4 billion to 103 large local educational agencies.

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Comments

4 comment(s)

Hopefully wrote on Mar 22, 2010 2:41 PM:

" Elwood: I don't know where you get your info, but the Faith School has a bond election on April 23rd, The way I understand it, this is a State Funded School. You sit here in Pierre with your population and your Tax Payments, what about the rural people who pay the highest percentage of the State's property taxes,, shouldn't they benefit some as well?? "

Shunkaska wrote on Mar 18, 2010 9:55 PM:

" send it back,thats what is wrong people want to rob Peter to pay for Paul,,,if Paul can not afford it or will not pay for it himself maybe just go with out! Taking this money is wrong...Our kids test in the top 20, shorting our kids..heck every high school kid in Pierre has a computor, sounds like we are realy shorting the kids...With this and our transit in Pierre thrown on our backs,theres a million plus that could go to the US dept and lets walk or get friends to give us rides.. "

Elwood Blues wrote on Mar 18, 2010 8:36 PM:

" Hopefully...The people of Faith voted down their bond to build a new school...now you want to give them someone else s money to to it and blame the Governor...give us all a break "

Hopefully wrote on Mar 18, 2010 6:35 AM:

" Hopefully this will help the community of Faith, SD get a new school, since they have gotten no help from the State Government. I feel our State Government has been shorting our childeren for the past 8 years and it's time they step up to the plate. No increase in funding, and kids going to school in trailer houses. C'mon Rounds, step up to the plate, instead of donating Guitars. "

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