Commission OKs 1st Round of Tobacco-Funded School Construction

Source from:  Business First of Columbus - by Jeff Bell Business First 12/11/2007

State officials have selected 13 school districts, including three in Central Ohio, as the first to tap a new revenue pool expected to provide more than $4.1 billion for school construction over the next three years. School systems in Reynoldsburg, Newark and Liberty Union-Thurston are among those on the list to receive the first round of funding from securitization of the state's future share of a national tobacco lawsuit settlement. The Ohio School Facilities Commission signed off on the 13 districts' master facility plans Nov. 29, and their funding requests now move to the state Controlling Board for review, said commission spokesman Rick Savors. The 13 districts are the first of more than 140 school systems that expect to see accelerated construction and renovation funding because of the decisions this year by Gov. Ted Strickland and the General Assembly to sell the state's tobacco settlement proceeds. The sale of $5.46 billion in tobacco funds will pay for the school construction projects and fund an expansion of the state's homestead property tax exemption for seniors. "It certainly moves them up several months if not years (in the funding cycle)," Savors said of the school districts selected for the initial funding round. Enditem