Unless you were around for the end of Tuesday night’s Board of Education meeting, you may not be aware that board members authorized issuing $25 million in school construction bonds, which will be subsidized in part through a federal stimulus program designed to spur shovel-ready construction projects.
Irvine is, in fact, the only school district in Orange County that qualified for the maximum amount under provisions of the American Recovery and Reinvestment Act of 2009. The subsidy allows bondholders to receive federal tax credits while IUSD pays a lower interest rate.
Proceeds from the bond sales will provide funding for upcoming capital projects in the district, including the new Jeffrey Trail Middle School in Irvine’s Planning Area 40.
The bonds will be repaid over time through special taxes collected in areas known as Community Facilities Districts, which were established in conjunction with the Irvine Company as new neighborhoods were coming online.
To find out what else happened at Tuesday’s school board meeting, click here.