Schools receive federal funds

CORINTH – Corinth was No. 17 of Mississippi’s 57 school districts which so far have applied for the state’s allocation of $132 million in federal reinvestment funds to build or repair public schools.
A maximum of $3 million is being awarded to school districts which apply, on a first-come, first-serve basis, said Superintendent Lee Childress.
On Monday the school board approved a resolution required to qualify for the funds.
With Corinth’s elementary school construction well under way paid for by a $12.8 million local bond issue, the district will use the funds for the additional renovation projects at Corinth Junior High School and Corinth High School, as well as to build new athletic facilities.
The interest-free construction bonds would be issued with a payback time frame of 14 to 16 years, Childress said. The bonds would be more attractive to lenders because the lender receives a tax credit.
The funds are part of federally subsidized Qualified School Construction Bonds which must meet certain guidelines, which include:
* All of the money must be used for new school construction or school renovation within three years. A portion of the money could be used to acquire land on which to build a public school, or to purchase equipment to be used in a public school.
* The district must comply with all laws and regulations of the bond issuance and must make reports to the Mississippi Department of Education.
* The district is responsible for repaying the principal over time based on the bond sale date.
If approved, the district will have 120 days to use the funds, or the money will go back into the state pool for other districts. The application deadline for all districts is Aug. 28, but the applications received already total more than $145 million, according to information provided by MDE.
Contact Lena Mitchell at (662) 287-9822 or lena.mitchell@djournal.com.

Lena Mitchell/NEMS Daily Journal