Part of $30 Million Additional Debt Authorized by Obama Administration

The Greenville County School Board approved a resolution authorizing the school district to issue construction bonds totaling $15 million for 2010 that will be used to fund a portion of a new elementary school and construction of classrooms at existing elementary schools.

The Obama administration, as part of the stimulus program, authorized the School District of Greenville County to exceed the state mandated debt limit by $30 million with low interest funds from the US Treasury. The school board voted unanimously to accept the loan at a previous meeting.

This is the first half of the total authorization. Interest on the loan must be paid semi-annually and the balance must be paid back to the US Treasury in a lump sum in 15 years.