Brown announces stimulus money for projects in Cincinnati, Cleveland, Columbus, and Toledo City School Districts
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U.S. Sen. Sherrod Brown (D-OH) annou nced today that Ohio school districts will receive more than $430 million in new federal bonds for school construction projects. The bonds, allocated by the American Recovery and Reinvestment Act of 2009 (ARRA), can be used to finance the construction, rehabilitation or repair of a public school facility or for the purchase of land where a school will be built.
"These funds will ensure the physical infrastructure of our schools matches the quality education that Ohio’s teachers provide,” Brown said. “These funds will create immediate construction jobs and a better learning environment for Ohio children.”
School construction bonds help state and local governments obtain low-cost financing for public school improvements and construction. Investors who buy these bonds receive federal income tax credits at prescribed tax credit rates instead of interest. These tax credit bonds allow state and local governments to borrow without incurring interest costs.
Ohio’s allocation is part of $11 billion in funds awarded today by the U.S.
Department of Education and the U.S. Department of Treasury. The state will
receive more than $293 million in bonding authority to help school districts
around Ohio, while four large educational agencies in Ohio will receive individual awards totaling more than $135 million. [[In-content Ad]]
"These funds will ensure the physical infrastructure of our schools matches the quality education that Ohio’s teachers provide,” Brown said. “These funds will create immediate construction jobs and a better learning environment for Ohio children.”
School construction bonds help state and local governments obtain low-cost financing for public school improvements and construction. Investors who buy these bonds receive federal income tax credits at prescribed tax credit rates instead of interest. These tax credit bonds allow state and local governments to borrow without incurring interest costs.
Ohio’s allocation is part of $11 billion in funds awarded today by the U.S.
Department of Education and the U.S. Department of Treasury. The state will
receive more than $293 million in bonding authority to help school districts
around Ohio, while four large educational agencies in Ohio will receive individual awards totaling more than $135 million. [[In-content Ad]]