What are the “strings attached” to the Qualified School Construction Bond Program from the American Recovery & Reinvestment Act of 2009?
The Qualified School Construction Bond program from the American Recovery and Reinvestment Act will allow the District to borrow $6,490,000 of the bond program at or near 0% interest. The “strings attached” to this subsidy are simply such things as the QSCB’s must be paid off in 17 years or less, the monies must be spent on school construction within three years, the costs of issuing these bonds are limited, etc. The District will continue to control what the monies are spent on. The District can complete the projects without the subsidy, but if a program exists that saves the District’s taxpayers millions of dollars of interest cost without significant mandates, then we are obligated to research and consider this program.
