State Announces $372.2 Million for Shovel-Ready School Construction Projects
The State Allocation Board (SAB) announced today that it has awarded approximately $372.2 million for 105 school construction projects within 43 school districts throughout the state. The state matching funds are distributed to local school districts to help finance shovel-ready school construction projects or reimburse districts for projects already completed using local funds. State funding for these projects are provided by bonds authorized under Propositions 1A, 1D, 47, and 55.
“The State Allocation Board’s action today provides cash apportionments for 105 school facility projects across the state,” said SAB Chair Eraina Ortega, who also serves as Chief Deputy Director, Policy at the California Department of Finance. “The Office of Public School Construction will distribute the bond funds to school districts within 90 days so local school construction projects can move forward as quickly as possible.”
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 construction contracts in place for at least half of the work. School districts in financial hardship are also able to compete for priority-ordered funding to purchase sites or begin design work.
Read list of April 7 SAB apportionments: http://bit.ly/1jVuFZJ