WASHINGTON, DC - Today, Congressman Mike Michaud praised the announcement by the U.S. Department of Treasury and the Department of Education that Maine will receive $41,368,000 in allocation authority to issue qualified school construction bonds under the Recovery Act. Qualified school construction bonds can be used to finance the construction, rehabilitation or repair of a public school facility or for the acquisition of land where a school will be built.

• "The school construction projects made possible through this bond program will create jobs and supply our communities with the resources they need to modernize facilities for our students," said Michaud.

According the Treasury Department, qualified school construction bonds help state and local governments obtain low-cost financing for much needed public school improvements and construction. Investors who buy these bonds receive federal income tax credits at prescribed tax credit rates in lieu of interest. These tax credit bonds essentially allow state and local governments to borrow without incurring interest costs.