School districts can apply for construction bonds

Illinois school districts can now apply for low- to no-interest rate bonds to pay for construction projects, repairs, renovations and other building needs through the Qualified School Construction Bond program.

The Illinois State Board of Education approved program guidelines and the application process during its Nov. 20 meeting. The state anticipates distributing more than $495 million in bonding authority to school districts.

"These low- to zero-interest bonds will enable school districts to use more of their existing funds for educational uses and educator professional development rather than paying off interest," State Superintendent of Education Tony Smith said. "I encourage eligible districts to take advantage of this great program."

The program - created under the American Recovery and Reinvestment Act of 2009 - provides limited loans for school districts to fund the rehabilitation or repair of an existing public school facility, construction of a new public school facility, equipment associated with repair or construction, or for land acquisition related to the construction of a new facility.

Since bond proceeds can be used for building rehabilitation and repair, districts will be able to issue low- to no-interest bonds in lieu of fire prevention (health, life, and safety) bonds that would be at a higher interest rate.

All districts that apply for the QSCB program must have their 2014 Annual Financial Report on file and complete an ISBE-approved application. School districts may request up to $50 million.

If a winning district does not issue the bonds within 18 months, the authority will revert to the state. If authorization remains after all eligible applicants have received their requested amount or authority is relinquished, ISBE will open another application cycle.

Applications are being accepted now through Jan. 15, 2016, and will be reviewed and scored. Districts eligible for an allocation based upon the scoring matrix will be recommended to the state board for approval.

Cambridge Lakes Giving Tree

Kindergarten students at Cambridge Lakes Charter School are participating in The Giving Tree Project for the fifth year in a row.

The school is accepting donated hats, scarves, gloves and mittens, which will be delivered to Pingree Grove Cares to be distributed to families in need.

Donations are being accepted through Friday, Dec. 11, at the school 900 Wester Blvd., Pingree Grove.

Students decided to do the project after reading "The Giving Tree" by Shel Silverstein.

When a kindergarten student brings an item, it will be added to the Giving Tree bulletin board along with a bow decorated by that student.