Maine news, sports, weather | Kennebec Journal, Augusta, Maine

Money there for some schools

$41M for construction available from stimulus funding

By Matthew Stone mstone@centralmaine.com
Staff Writer

AUGUSTA -- Maine school districts will have access to $41.4 million in school construction bonds this year, but they have to move fast to get the money.

The federal goverment this week made $11 billion in economic stimulus money available to states and large school districts as bond money for school construction projects. Maine's share of the money is $41.4 million.

Interested school districts have to apply for the bond money by the end of the year, said Ann Pinnette, a school construction specialist at the Maine Department of Education.

The bond money could cover new construction projects, Pinnette said, but it's more likely that school districts would apply to have renovations and repairs covered by the money.

"A lot of these are going to be small requests," she said.

The time frame is likely too tight for new construction projects that are in the planning stages or for which ground has already been broken, Pinnette said.

The school districts that receive the bond money have to pay little or no interest on it. The investors who buy the bonds receive federal income tax credits instead of interest, according to the U.S. Department of Education.

Matthew Stone -- 623-3811, ext. 435

mstone@centralmaine.com