State Announces $520 Million for Shovel-Ready School Construction Projects
The State Allocation Board (SAB) announced today that it has awarded approximately $520 million for shovel-ready school construction projects across the state. The state matching funds will help finance 230 school construction projects within 92 school districts. Funds 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 230 school facility projects throughout the state,” said Board Chair Tom Dyer. “These state bond funds will be distributed to school districts within 90 days to move local school construction projects forward as quickly as possible.”
The State Allocation Board’s accelerated funding rules allow participating school districts with approved projects to submit advance certifications with a commitment that 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.