Federal stimulus funds available for school construction have been secured by the Monett R-1 School District for expansion and renovation of the Monett Elementary School campus.
Governor Jay Nixon has announced Monett will receive $1,973,925 in Qualified School Construction Bonds awarded through the American Recovery and Reinvestment Act. Monett is one of 60 districts that together received $146,348,000.
"Missouri school districts that have identified ways to fund projects and have gained the approval of taxpayers will benefit greatly from the Qualified School Construction Bond project," said Nixon. "Districts will be able to borrow more than $146 million, interest-free, to help them build. This demonstrates that timely, taxpayer-endorsed investment in critical capital needs is a smart move, particularly when incentives reduce costs."
The Qualified School Construction Bond program absorbs costs that would otherwise be incurred by school districts that have issued voter-approved bonds for construction projects. The federal bonds allow districts to borrow funds without paying interest. Bondholders are provided with federal tax credits in lieu of the interest that would ordinarily be paid by the school districts that issue them.
Through the program, bondholders receive full return on their invetment while school districts are able to finance school construction projects less expensively, creating jobs in local communities.
Work on the Monett project is scheduled to begin in the next 30 days.