"An Act relating to reimbursement of municipal bonds for school construction. "
HB 493 proposes to allow municipalities to bond for school construction and renovation projects starting November 1, 2006 and ending November 1, 2008.
Under the legislation, any municipality can ask their electorate to approve bonds for funding of school capital projects. The principal and interest payments would then be eligible for partial reimbursement by the state.
Municipalities would be reimbursed at 60% for those projects that met all of the Department of Education and Early Development's approved space allocation guidelines and at a 40% reimbursement rate for projects that exceeded DEED's maximum space allocation.
Currently there are over $146 million of identified projects submitted to DEED that would qualify for reimbursement under this legislation.
Thank you for your consideration of this important piece of legislation.