For Immediate Release: May 1, 2013
BRAC School Bonds Will Meet Many Local School Needs
Marshall County legislators say that soon-to-be issued school bonds are a huge opportunity for the county’s school systems to address construction needs.
In 2010, the legislature approved legislation that would provide up to $175 million for North Alabama schools in the five counties affected by the 2005 Base Realignment and Closure which has brought thousands of families to Redstone Arsenal from the Washington D.C. area. Many schools have already had to accommodate swelling enrollments due to BRAC relocations and more growth is expected.
“We modified the legislation in 2012 to make it easier for school systems to qualify and to eliminate the requirement for school districts to raise their sales or property tax rates,” Rep. Wes Long said.
A formula based on the number of BRAC-related jobs affecting each system will make up to $2,630,895.00 available to the Marshall County School System and could provide the following amounts to the city school systems in Marshall County: $1,127,526.00 Albertville City Schools, $1,127,526.00 Arab City Schools, $977,190.00 Boaz City Schools, and $902,021.00 Guntersville City Schools.
“This is a golden opportunity,” Long explained, “because the State is servicing half of the bond issue. Schools will only have to pay the principal and interest on one-half of the amount they receive. We’ve worked hard to make it possible for schools in our district to have the necessary money to meet these new and expanded needs,” he said.
Representative Kerry Rich said, “I am very pleased that school systems in Marshall County will be receiving this money. The three systems in district 26 will receive well over $3 million. All school systems need and can use capital outlay money.”
The Alabama Public School and College Authority is expected to sell the bonds within the next couple of weeks.
According to Senator Clay Scofield, the money not only can help with capital improvements, “but can also free up money that our systems can use for much needed technology for the classrooms or anything else that can provide our students with a better quality education,” he said.
For More Information Contact: Marshall County Legislative Office, Ph. (256) 582-0619
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