Post by Logan on Mar 23, 2016 0:17:16 GMT -6
In the depths of the Great Recession, then-Gov. Pat Quinn celebrated a roughly $500 million school construction bond program that would allow Illinois districts to build new facilities, fix old ones and handle a bevy of housekeeping needs, all via a federal program that would subsidize interest payments on the borrowing.
But while other states charged ahead with their slice of the Qualified School Construction Bonds program, Illinois did nothing.
The $495.6 million in bonding authority granted to Illinois sat on the shelf in Springfield for six years, denying schools a chance at a unique borrowing deal that could save taxpayers money.
It only became available late last year, after district administrators like those in West Aurora School District 129 caught wind of its existence and started "clamoring" for its release, according to interviews and Illinois board of education records obtained via a Freedom of Information request.
Read more: www.chicagotribune.com/suburbs/elgin-courier-news/news/ct-ecn-qualified-school-construction-bonds-st-20160321-story.html
But while other states charged ahead with their slice of the Qualified School Construction Bonds program, Illinois did nothing.
The $495.6 million in bonding authority granted to Illinois sat on the shelf in Springfield for six years, denying schools a chance at a unique borrowing deal that could save taxpayers money.
It only became available late last year, after district administrators like those in West Aurora School District 129 caught wind of its existence and started "clamoring" for its release, according to interviews and Illinois board of education records obtained via a Freedom of Information request.
Read more: www.chicagotribune.com/suburbs/elgin-courier-news/news/ct-ecn-qualified-school-construction-bonds-st-20160321-story.html