March 18, 2010
 
$72 Million for WV School Construction Bonds
 
Special to Huntingtonnews.net
 
Washington, DC (HNN) - U.S. Rep. Nick Rahall (D-W.Va.) announced this morning that the U.S. Department of Treasury and the Department of Education, through its allocation authority to issue qualified school construction bonds under the American Recovery and Reinvestment Act of 2009 (Recovery Act), will allocate $72, 262,000 to West Virginia this year. 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.
 
“An investment in our children’s education is an investment in our future,” said Rahall. “These school construction bonds provide a low-cost tool for our State to build and upgrade schools, and create jobs today and develop new schools to help prepare our kids for tomorrow’s economy.”
 
Created by the Recovery Act, qualified school construction bonds help state and local governments obtain low-cost financing for much needed public school improvements and construction. Investors who buy these bonds receive Federal income tax credits at prescribed tax credit rates in lieu of interest. These tax credit bonds essentially allow state and local governments to borrow without incurring interest costs.
 
"Our students must be prepared to compete in the global economy,” added Rahall. “This demands improvements in all aspects of education, including the environments in which they learn. Our kids deserve quality schools and good teachers in their classrooms."