25 Mar Indiana Bond Bank Replenishes State’s Common School Fund by over $85 Million
— PRESS RELEASE —
For Immediate Release
Indiana Bond Bank Replenishes State’s Common School Fund by over $85 Million
INDIANA (March 25, 2019) —
The Indiana Bond Bank has issued $86.2 Million in bonds which will serve to replenish the fund which Indiana school corporations may use to finance school building construction, educational technology programs and school safety improvements.
The roots of the Common School Fund (CSF) go back to the State’s beginnings. As Treasurer Kelly Mitchell said, “Our founders recognized in the State’s Constitution that ‘knowledge and learning…[are] essential to the preservation of a free government’. The Common School Fund exists to realize that vision by ensuring schools have access to low-interest loans with which to create a structured and safe learning environment”.
School corporations apply directly to the State Department of Education (DOE) for school building construction and education technology program loans, which DOE recommends approval of loans to the State Board of Education. Indiana Bond Bank’s role is behind the scenes, ensuring the CSF fund balance remains adequate to serve schools’ future needs and demands.
“Providing support to improve such key components as technology and safety within our schools is vital to the success of any district,” said Dr. Jennifer McCormick, Indiana Superintendent of Public Instruction. “The $85 million being made available will go a long distance in serving the needs of school corporations across the state.”
Indiana Bond Bank Executive Director Mark Wuellner noted that “Making available over $85 million to Indiana’s public schools is one of the most satisfying accomplishments during my tenure. By ensuring an ample source of low-interest funding for construction, technology and safety needs, Indiana schools can remain laser-focused on what they do best – educating Indiana’s next generation.”
For more information about the operation of CSF, or regarding applying for a CSF loan, please email CommonSchoolFund@doe.in.gov.
For more information on the Indiana Bond Bank bond issuance to replenish the CSF, please click here for the roadshow video that accompanied offering.
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