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$637.6 Million Okayed for Shovel-Ready School Construction

6/27/2012 11:02 AM 
photo of school constructionThe State Allocation Board (SAB) announced today that it has awarded approximately $637.6 million for shovel-ready school construction projects across the state. The state matching funds will help finance 198 school construction projects within 96 school districts. Funds for these projects are provided by bonds authorized under Propositions 1A, 1D, 47 and 55.

“Today’s apportionments will be put to work statewide to fund 61 new construction projects, 97 modernization projects, and 40 projects from additional programs,” said SAB Chair Pedro Reyes. “These funds will be distributed within 90 days to quickly benefit school districts and local communities.”

The SAB’s accelerated funding rules permit participating school districts with approved projects to submit advance certifications that they will meet requirements for fund release within 90 days of receiving an apportionment. These requirements include having local matching funds, usually 50 percent of the total project cost, in hand, and at least half of the construction contracts in place. School districts in financial hardship are also able to compete for priority-ordered funding to purchase sites or begin design work.

Read the SAB press release

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