Friday, July 09, 1999
Tax-credit bonds idea behind bill for school repair
BY PATRICK CROWLEY
The Cincinnati Enquirer
CRESTVIEW HILLS — Kentucky schools could have more money for school construction and renovation under federal legislation that U.S. Rep. Ken Lucas of Boone County is co-sponsoring.
Mr. Lucas, a first-term Democrat who represents the 4th District, said the bill could generate as much as $345 million in new spending for school construction projects.
The bill would provide tax credits from the federal government on 15-year, zero-interest bonds issued by school districts for repair and construction projects, said Travis Sowders, Mr. Lucas' deputy press secretary.
Because of the explosion of growth in Northern Kentucky, the bill could potentially help several local school districts dealing with overcrowded schools and deteriorating buildings, according to Mr. Lucas and his Washington staff.
“Children can't learn in crowded, run-down classrooms,” Mr. Lucas said. “We need new school facilities, not a new Washington, big government, one-size-fits-all program.
“This is a tax cut that provides local school districts the flexibility to meet individual needs,” he said.
The tax break would go to the investors who purchase the bonds, he said.
The incentive for buyers to hold a bond is the interest they receive, Mr. Sowders said. But these bonds would be interest-free, meaning the buyer would not receive interest. Under a typical bond issue the interest is paid by the school district.
“But what the purchaser would get is a tax break instead of the interest,” he said.
According to a recent Government Accounting Office study, 31 percent of Kentucky schools have a building that is entirely inadequate and 63 percent have at least one unsatisfactory building feature, such as health, cooling or security.
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