Major funding measure for schools moves forward
Posted: 03/21/2013
ANNAPOLIS, Md. (AP) -- A major funding plan to build new schools in Baltimore has moved forward in the Maryland House of Delegates.
The House gave the measure preliminary approval on Thursday.
The plan would let the city issue about $1 billion in bonds to build as many as 15 new schools and renovate others. The city's schools are the oldest in Maryland on average.
The bonds would be made possible by funding from the state, the city and the city school system. They would contribute $20 million a year each for 30 years.
The state money would come from the lottery. The city money would come from a bottle tax and gambling revenue, as well as retiree health savings.
The Maryland Stadium Authority would oversee the financing.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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