Wednesday, March 17, 2010

By Lynn Hume

Print Email Reprints

WASHINGTON – The Treasury and Education Departments today announced how the $11 billion of allocation authority to issue qualified school construction bonds for 2010 will be divided up among states and large local educational agencies.

Under the allocations for 2010, states will receive $6.6 billion of the authority and large local educational agencies will receive $4.4 billion. Among the states, California will receive the largest allocation of almost $720.1 million, followed by Texas at $547.7 million.

Of the local entities, New York City will receive the largest allocation, roughly $664.0 million, followed by the Puerto Rico Department of Education at almost $380.4 million, Los Angeles Unified at almost $290.2 million, and the city of Chicago School District 299 at $257.1 million.

The American Recovery and Reinvestment Act, which was enacted last year, provided $11 billion of QSCB authority for 2009 and $11 billion for 2010.

The full list of allocations can be found here.

Qualified school construction bonds can be used to finance the construction, rehabilitation or repair of a public school facility or for the acquisition of land where a school will be built.