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House OKs public schools funding
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Posted on Jun 04 2008
The House of Representatives has approved the appropriation of nearly $300,000 to the public school projects.
The House members voted unanimously in support of legislation allowing the Public School System to use $291,200 in proceeds from its general obligation bond for capital improvement projects at the schools.
The bill would also allow PSS to use any other funds it may realize at the closure of the indenture trust agreement in four months.
The bill will become law once approved by the Senate and approved by the governor.
PSS is in the process of implementing a seven-year capital improvement plan, which includes new classrooms, new facilities, and repair. 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.
Last month, Education Commissioner David M. Borja reported that $300,000 from PSS bond with the Bank of New York Trust Company is now available for appropriation.
Another $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.
