“I think it’s telling how important this bill is on both sides of the aisle,” said House Speaker Adrienne Jones, a Baltimore County Democrat.
The measure enables the Maryland Stadium Authority to issue up to $2.2 billion in revenue bonds. The money would be on top of about $400 million the state spends each year to build and repair schools.
The debt on the bonds would be paid by $125 million annually over 30 years from casino revenue that goes to the state for education.
Education is a top priority this year in the Maryland General Assembly, which is controlled by Democrats. A separate measure would phase in billions of dollars of funding for priorities inside schools by updating the state’s funding formulas for K through 12.
It has been estimated that fully implementing the recommendations of the Kirwan Commission would cost about $4 billion annually in a decade. The recommendations include investing in pre-K and increasing teacher pay. They also include implementing rigorous curricula, providing more support to struggling schools and to children who live in poverty.
By 2030, the state government would pay $2.8 billion more on schools than current projections and local governments would pay $1.2 billion more.
A bill hearing has been scheduled for Monday on the measure containing the commission’s recommendations.
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