Zero-interest construction bonds allocated in Washington state

Eighteen districts in Washington state will share in the allocation of $164 million in Qualified School Construction Bonds (QSCB).

The program, enacted as part of the economic stimulus package passed by Congress earlier this year, enables school systems to issue what in effect are no-interest bonds for construction and renovation projects. Nationwide, $11 billion in QSCB funding was available in 2009; another $11 billion will be available in 2010.

The formula for distributing the bond allocations resulted in a $17,445,000 cap on requests from individual districts. Six school systems — Bethel, Everett, Lake Washington, Seattle, Snohomish and Sumner — will receive that amount.