WAFF.com: North Alabama News, Radar, Weather, Sports and Jobs-Riley announces grants to build new schools in Alabama
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MADISON, AL (WAFF) - Alabama Gov. Bob Riley traveled to Bob Jones High School Thursday to announce the allocation of $236 million in interest-free bonds to help all 46 school systems that applied from across Alabama to finance the construction or repair of public school buildings.
Thursday's announcement is for the first half of the $236 million, with the other 50 percent anticipated in early 2010.
"Modern and safe schools will help better prepare our students for the future," Riley said. "With these bonds, systems can repair, renovate, and construct much-needed schools while also stimulating our economy."
State Superintendent of Education Dr. Joe Morton said that the bonds were brought about by a bill adopted during a special session of the Alabama State Legislature earlier this year.
The Madison City Schools system is one of four school systems that has experienced a surge in student enrollment brought on by the state's success in the most recent military base realignment and closure process known as BRAC.
Madison City Schools, Limestone County Schools, Lee County Schools and Phenix City Schools will receive significant funding for new school construction and repair. One of the schools anticipated to be built with the funding is a second high school in Madison.
"Because Alabama did so well in the latest BRAC round, I know these four systems need extra help to accommodate the higher number of students coming in to their schools," Riley said.
Madison County Schools and Huntsville City Schools, who will also experience growth due to BRAC, did not request bond money. Birmingham, Mobile County, and Montgomery County schools are receiving separate allocations designated by the federal stimulus law for large school systems.
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.
Governor Riley signed a law earlier this year allowing the state's Public School and College Authority 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.
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