School districts get federal funds for bond financing

More than $146 million in federal stimulus money will be distributed to 60 Missouri school districts through interest-free federal bonds to help pay for construction projects.

Through the Qualified School Construction Bond program, districts can borrow interest-free money for projects funded by voter-approved bond issues. Bondholders receive federal tax credits in lieu of the interest they would receive from the school districts issuing the bonds.

Springfield R-XII School District will receive $7.6 million in bonds to pay finance charges from its $50 million bond issue approved by voters in 2009, which includes  retiring the lease notes for construction of the Hickory Hills school, expansion at Westport Elementary and air conditioning at seven schools.

Other area school districts to receive money are:

• Monett R-I, $2 million;

• Sparta R-III, $1.7 million;

• Spokane R-VIII, $2.1 million;

• Republic R-III, $3 million;

• Carthage R-IX, $1.5 million;

• Webb City R-VII, $1.4 million;

• Rockwood, $7.3 million; and

• Marshfield R-I, $2.3 million.

"Missouri school districts that have identified ways to fund projects and have gained the approval of taxpayers will benefit greatly from the ... program," Gov. Jay Nixon said in a news release. "This demonstrates that timely, taxpayer-endorsed investment in critical capital needs is a smart move, particularly when incentives reduce costs."[[In-content Ad]]