State Announces $103.8 Million for Shovel-Ready School Construction Projects
(Sacramento, CA) – The State Allocation Board (SAB) announced that it has allocated $103.8 million for “shovel-ready” school construction projects across the state. These state matching funds will help finance 26 school construction projects within 19 school districts.
“The funding authorized at the January 26th SAB meeting continues California’s investment in school facilities,” said January SAB Chair Jeannie Oropeza. “Combined with the $1.4 billion approved by the SAB in December 2010, this investment continues to provide substantial economic stimulus in local communities throughout California.”
The SAB approved accelerated funding rules in May 2010 to prioritize “shovel-ready” projects. Under the initial round of priority funding, $408 million was apportioned in August 2010. At the December 15, 2010 SAB meeting, $1.4 billion was allocated under the second round of priority funding. As a result of additional SAB actions at the December meeting, funds were available to grant approximately $103.8 million in additional apportionments on January 26th as a continuation of the second round of priority funding.
In order to qualify for priority funding, participating school districts certified that within 90 days of receiving an apportionment, they would have local matching funds, usually 50 percent of the total project cost, in hand, and at least half of their construction contracts in place. School districts in financial hardship were also able to compete for the priority-ordered funding to purchase sites or begin design work.
Prior to the approval of the accelerated Priorities in School Construction Funding rules, apportionments were granted based on the receipt and approval dates of complete funding applications, or on a first in, first out basis. Each approved project had up to 18 months to request release of the State funds.
The SAB is responsible for determining the allocation of voter-approved school construction bonds, as well as the administration of the School Facility Program, the State Relocatable Classroom Program and the Deferred Maintenance Program. The SAB is the policy level body for programs administered by the Office of Public School Construction, which provides the staff and support for state financing of school facilities. Funds for these projects are provided by bonds authorized under Propositions 1D, 47 and 55.
-- Released January 26, 2011