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Lawmakers OK $291K for PSS projects
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Posted on Jul 25 2008
A bill appropriating nearly $300,000 to public school projects is now headed to the governor.
The Senate voted unanimously yesterday to pass legislation that would allow the Public School System to use $291,200 in proceeds from its general obligation bond for capital improvement projects at the schools.
The bill will become law once approved by the governor.
In addition to providing money for the school construction projects, the measure will allow PSS to use any other funds it may realize at the closure of its indenture trust agreement at the end of the fiscal year.
PSS is in the process of implementing a seven-year capital improvement plan, which includes new classrooms, facilities, and repair. Encompassing PSS’ high-priority school facility needs from school year 2004-05 to school year 2011-12, the CIP plan was drafted in anticipation of continued increase in student population.
In May 2008, Education Commissioner David M. Borja reported that there is $300,000 from the PSS bond with the Bank of New York Trust Company now available for appropriation.
Another $1.37 million will be realized from the surplus account on Oct. 1, 2008, but the money is allocated for the final payment to the bondholders. Some $2.1 million is also remaining in the projects account, but these funds are already appropriated to pay for the ongoing projects on Tinian, Rota, and Saipan.
About $230,000 is still in the rebates accounts, and it will be available 30 days after the final payment to the bondholders.
