The Detroit school district is asking voters in November to approve a $500 million construction bond proposal that will enable the beleaguered system to upgrade aging facilities and build new schools.
The plan, dubbed Proposal S, calls for renovating 10 existing campuses and building eight new schools. About $246 million of the proposed bond issue would be no-interest Qualified School Construction Bonds, and another $254 million would be Build America Bonds, which lower interest costs through rebates. Both bond programs were authorized as part of the federal economic stimulus package.
To take advantage of the financial incentives, Detroit must use the bonds within three years.
The construction projects would help the district make the transition to pre-K to 8 campuses. Proposal S would result in five new and five renovated pre-K to 8 campuses.
