School systems OK'd for federal loans

The Dyersburg and Dyer County school systems received two of 15 low- or no-interest loans through a federal stimulus program in Tennessee.

Dyersburg city schools received a $2,924,085.08 loan for renovations to Dyersburg Intermediate School. Supt. Lloyd Ramer said the city's application would focus on energy savings efforts. The city school system sought $2.8 million.

Dyer County schools received an $8,881,180 loan to construct a new school building for Fifth Consolidated Elementary School. The county system applied for $18.2 million and had planned to build a new school for Newbern Elementary School. The county received no funding for the Newbern school.

The announcement, apparently, was made Friday. A listing of loan recipients was available Monday on the Tennessee comptroller's Web site: tn.gov/comptroller/bf/tssbaqscbp.htm.

Twenty-eight school systems requested slightly more than $368 million in the rushed application process. The loan program was announced at the end of July and applications had to be submitted by Aug. 20.

The state received $184.6 million for Qualified School Construction Bonds. About a third of the money - $62.8 million - was set aside for Memphis City Schools and the Metropolitan Nashville and Davidson County schools. That left $121.8 million for school systems within the remaining 93 counties.

The Tennessee State School Bond Authority, which is coordinating the program, awarded $119.3 million in loans to 15 school projects. A little more than $2 million remains available.

Applications were ranked for innovation, evidence of need, existing facilities mandates and energy efficiency. Projects were limited to construction and rehabilitation or repairs - and all had to be ready to go quickly. Ten percent of the money must be spent within six months and all of it must be used within three years.

Two other West Tennessee communities were selected for loans. Shelby County received $13.8 million for a project at Elmore Park Middle School and Henry County received $2.5 million for an E.W. Grove construction project.

West Tennessee communities applying for loans and not receiving funding include Lauderdale County, which sought $3 million, and Jackson-Madison County, which sought $13.2 million.

The loans must be repaid within 15 years.