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Nearly $300K eyed for public school projects
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Posted on May 26 2008
Nearly $300,000 will be appropriated to public school projects under a bill now before the House of Representatives.
Rep. Justo S. Quitugua has introduced legislation setting allowing the Public School System to use $291,200 from its general obligation bond with the Bank of New York Trust Company for capital improvement projects at the schools.
House Bill 16-105 also appropriates any funds that may be realized at the closure of the indenture trust agreement to finance PSS’ construction projects.
The projects, which include classroom repairs, construction of new facilities, and parking lot paving activities, are part of the seven-year capital improvement plan PSS developed in 2005. Encompassing PSS’ high priority school facility needs from school year 2004-05 to school year 2011-12, the CIP plan was drafted in anticipation of continued increase in student population.
The bill was based on a report from Education Commissioner David M. Borja, who had said that $300,000 is now available for appropriation.
Some $1.37 million will be realized from the surplus account on Oct. 1, 2008, but the money is allocated for the final payment to the bondholders. Some $2.1 million is also remaining in the projects account, but these funds are already appropriated to pay for the ongoing projects on Tinian, Rota, and Saipan.
About $230,000 are still in the rebates accounts, and they will be available 30 days after the final payment to the bondholders.
