Notice was distributed this week by the State Comptroller's Office that the Tennessee State School Bond Auhtority (TSSBA) has approved a new program that will provide low- or no-interest loans of up to $20 million for school systems to build new schools or to rehabilitate or repair existing ones. These loans will be made from the proceeds of Qualified School Construction Bonds issued by the TSSBA. These bonds were created by the American Recovery and Reinvestment Act of 2009. Public Chapter 601 of the Acts of 2009 was passed by the Tennessee General Assembly to establish the Qualified School Construction Bonds Program in Tennessee. The total bonding authority available to Tennessee for 2009 is $184.6 million. Other than a portion of the funds which have been allocated Memphis and Nashville, eligibility is not dependent on size or poverty levels. The bulk of the funds are available for all other Tennessee school systems through a competitive process administered by TSSBA with assistance from the TN Advisory Commission on Intergovernmental Relations.
There is a short turn around on this process. The deadline for applications is 4:30 P.M. on August 21, 2009. An information session will be held on August 6, 2009 at 1:30 P.M. in Room 16 of the Legislative Plaza in Nashville. Instructions and application criteria are available here.
It is expected that applications will be reviewed and approved in September with the bonds sold the last week in October.
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