One of the items on the ballot in California on Tuesday was Proposition 51. The bill included the funding of school construction projects across the state — to the tune of $9 billion in state funds in the form of a bond. The money will be set aside to be provided to localities that need to repair existing buildings or construct new ones. The goal is to match local funding on such projects.
The $9 billion is broken into three categories. First, $6 billion will be earmarked for general funding of construction and repairs on buildings used for public K through 12 education. Another $2 billion is to be used to help fund construction related to community colleges and a final $1 billion is going toward vocational and charter schools.
Many in the construction industry supported the proposition, which is seen as a sort of “down payment” on even more school-based construction in the future. While opponents of the measure said it was adding too much debt to the state coffers, proponents argued that it would spark economic growth and job creation while also addressing needs in the educational sectors.
For construction companies who do this type of work, the extra funding does mean more jobs will probably be open to bidding. Funding, however, remains a concern for construction companies of all types. Not every project can be backed by government bonds or grants.
If you are working toward construction growth but are struggling with funding and legalities, then consider working with a construction law professional. An experienced lawyer can help you sort through confusing legal language and ensure your project begins on a legally strong foundation.
Source: Construction Drive, “$9B CA school construction program scores voter approval,” Kim Slowey, accessed Nov. 11, 2016