N.C.'s take of school plan: $551m

U.S. Rep. Bob Etheridge's school bonds plan will help North Carolina get $551 million.

The Lillington Democrat's long-standing proposal to finance zero-interest construction bonds for schools made it into the final version of the federal stimulus package.

In all, the bill provides $25 billion for school construction by giving tax credits to bond holders in place of the usual interest payments normally paid on school bonds.

That allows school districts to get more bang for their buck, since they only have to repay the principal.

For every $1,000 in bonds, school districts will save up to $500 over the life of the bonds, Etheridge's office has calculated. 

Etheridge plans to tout the money at a press conference at Bugg Elementary in Raleigh this morning.