UPDATE: Corinth uses stimulus funds for schools

CORINTH — The Corinth School District is moving forward with plans to utilize $3 million in qualified school construction bonds available through the American Recovery and Reinvestment Act.

The district has been approved to receive the bonds and the board of trustees has adopted a resolution necessary to set the process in motion.

Since the district will effectively only pay back the principal amount, Superintendent Lee Childress said it is one of the most financially beneficial opportunities to come the district’s way.

The bonds must be sold within 120 days of July 22. The funds must be used for renovation, new construction or the purchase of equipment for those facilities.

The Associated Press