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For Immediate Release
June 3, 2010
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White: Corry Area School District Awarded $2.9 Million for
Construction
Franklin – The Corry Area School District is among 46 school districts
statewide receiving allocations under the new federal Qualified School
Construction Bond (QSCB) program, according to state Sen. Mary Jo White (R-21).
The allocation of $2.9 million was announced today in Harrisburg.
The QSCB is a new tax credit bond program which provides interest-free
financing for school districts by giving a tax credit to buyers of these bonds.
QSCBs are taxable bonds. In lieu of interest payments from the school district,
the purchaser of the bond receives a tax credit against its annual tax liability
to the federal government.
Funds raised by the school districts from these bonds must be used for
renovation, repair or rehabilitation of existing school facilities or for
equipment.
“School construction projects can provide a richer, more efficient
educational experience for students and staff, but it is very costly for school
districts,” said White. “This bond program will benefit local taxpayers by
allowing the Corry Area School District to issue interest-free bonds to cover
construction needs.”
Pennsylvania's total federal allocation for QSCBs is $602.4 million. The
Pennsylvania Department of Education received applications from 53 school
districts for 188 projects totaling $1.07 billion.
CONTACT:
Leigh Ramsey
(717) 787-9684
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