SPRINGFIELD, Ill. (AP) - The Illinois State Board of Education has approved 29 school districts for low-interest and zero-interest bonds to pay for the construction and remodeling of schools.
The districts will be able to borrow, in total, $495 million through the Qualified School Construction Bond program. The program was created in 2009 as part of federal stimulus package after the Great Recession.
School districts approved for the bonds are located in Danville, Rantoul, Chicago Heights, Rockford, Waukegan and many other Illinois cities. The bond amounts range from $670,000 for Burnham School District in Burnham to $50 million for East Aurora School District in Aurora.
State education board staff reviewed nearly 200 applications using a priority ranking process approved by the board before selecting the school districts for approval.
