Print this story | E-mail story | This story has 6 comments Add your own | iPod friendly
Schools get $3.37M
Interest-free funds will repair schools, stadium
Published Friday, October 30, 2009
Funding for a $375,000 upgrade at Opp’s Channel-Lee Stadium and $3 million for repair projects at each of the county system’s schools was announced Thursday by Gov. Bob Riley’s office.
The money is part of $236 million in interest-free bonds that will finance the construction or repair of public school buildings. Each of the 46 systems that applied received funding.
“Modern and safe schools will help better prepare our students for the future,” Riley stated. “With these bonds, systems can repair, renovate, and construct much-needed schools while also stimulating our economy.”
CCS interim superintendent Terry Holley said board members are extremely excited about the funding.
“This money will give us a chance to earmark some funds for repair to each of our buildings and maybe some classroom additions,” Holley said. “We’re looking at the long-term picture for our system. This is interest-free money, which is a great opportunity for us.”
Opp Superintendent Michael Smithart said the system first thought to use the money to renovate the gym at Opp Middle School. That plan has changed, he said.
“We’ve received permission to amend our application to allow us to partner with the city of Opp to provide a much-needed renovation to Channel-Lee Stadium,” Smithart said. “Our stadium is in dire need of repair, and by combining these funds in partnership with the city, I believe we will be able to update our facilities.
“This particular bond issue and the terms of the payback were really too good to pass up,” he said. “We’re excited about upgrading our stadium. With the construction of the new school, the renovations to the gym at Opp Middle School and the work at Channel-Lee, I believe we will have our facilities on par with anyone, and that is something we are extremely proud of.”
The bonds are part of a new federal program created by the economic stimulus law that Congress passed earlier this year. The Qualified School Construction Bond program provides tax credits to bondholders, as opposed to tax-exempt interest, which allows bonds to be offered with no interest.
Gov. Riley signed a law earlier this year allowing the state’s Public School and College Authority (PSCA) to issue the Qualified School Construction Bonds for local school systems. Using the PSCA saves money for local school systems on bond issuing costs and annual payments.
Comments
Posted by biscuitsandhoovergravy (anonymous) on October 30, 2009 at 8:39 a.m. (Suggest removal)
I applaud the Gov. for earmarking these funds for infrastructure upgrades and building projects. If the money had not been designated solely for these purposes it surely would have been used for pay increases and more benefits for the school system employees.
Posted by former2greenville (anonymous) on October 30, 2009 at 11:13 p.m. (Suggest removal)
What a dumb comment, biscuit. The funds are from the Economic Stimulus package program called "The Qualified School Construction Bond program." Last time I checked, salaries and benefits cannot be legally derived from construction funds.
That is, unless you do something else illegal like funnel it through a no-bid contract to a non-existent company with no phone or even a website.... Yep, that's our embarrassing governor.
Posted by biscuitsandhoovergravy (anonymous) on October 31, 2009 at 10:15 a.m. (Suggest removal)
Former2...well said. Are you are an employee of the education system in some capacity? I can visualize you standing there with your hand extended waiting for the tax paying public to give you something. The diatribe about how they need more money to educate our kids rings hollow to me. I dont believe there is eough money in the state of Alabama to satisfy the overwhelming greed of the school system. Now they come begging for a tax increase. The kids I know tell me about how there is no soap or toilet paper in the bathrooms. And all the while the AEA is whining about pay increases and benefit costs for the employees and administrators. Are they completely devoid of any shame at all? As for the question of construction funds and their legal use...all they do is reallocate money from these areas to be used at their discretion and replace them with the earmarked funds. A shell game of the most classic type.
Posted by workingman (anonymous) on November 2, 2009 at 5:03 p.m. (Suggest removal)
Well Biscuits and gravey, I have seen several different things you have left a comment about. Heres an idea, stop complaining and run for office, after knowing you through your postings I would vote for you. Yes! all money in the city, county, state and federal gov't are just a shell game and until we get the money busters out it will remain the same. As far as a new tax for education whay do we not have the powers that be, tax feed for animales. One does not pay sells tax on dog food, cow, horse, rabbits, or any live stock. Tax rover's chow not my food, gas, ect.........
Posted by biscuitsandhoovergravy (anonymous) on November 2, 2009 at 7:55 p.m. (Suggest removal)
Workingman...I want to thank you for the compliment. I wish I had the financial means and the name recognition to make a run for public office. I do complain about situations that are of concern to me and what I see as the general public. Complaining is not enough tho...it takes voting and supporting a cantidate that is honest and has the interests of the public at heart. Finding someone that fits that description is becoming harder and harder to do And that is truly sad.
Posted by AceLee (anonymous) on November 3, 2009 at 1:03 p.m. (Suggest removal)
I wouldn't say that the school systems are necessarily "greedy"; I find schooling to be on the highest priority, certainly over our national expenditure on defense. Too much money these days is spent on lobbyists, CEOs, and... well, people who are already doing pretty well.
The social contract structure seems to encourage foul play, I'd say. I completely understand President Obama's first initiative being a federal audit.
Post a comment (Terms of Use Policy)
(Requires free registration.)