One of the components of what experts deemed a perfect storm kicked in last week when Gov. Jay Nixon announced the latest round of no-interest construction bonds awarded through the stimulus package.
Low-interest bonds through the American Recovery and Reinvestment Act and low interest rates were selling points for some districts that turned to voters in the past year for construction projects.
"We talked to them about the fact that with this program and the fact that a lot of people are looking for work, this is your perfect storm," said Mike Kiehne, superintendent of the Richland School District. Voters of the Stoddard County school district approved a $750,000 bond proposal in November.
Richland is one of five Southeast Missouri school districts collectively receiving $9.08 million of the $146 million in interest-free Qualified School Construction Bonds announced by Nixon last week.
Bloomfield, Cape Girardeau, Pemiscot County and Ste. Genevieve school districts were also on the list, the second round of bonds awarded through the program.
Last year, the state awarded $141 million of the interest-free bonds. Districts are also pursuing other low-interest bonds through the stimulus package including Qualified Zone Academy Bonds and Build America Bonds.
As area administrators begin tackling construction projects, they said their districts will begin to see immediate savings from the programs. Some districts will do more renovations, set lower tax rates or pay off projects sooner because of the bonds...........read more
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