Bond elections catalyze numerous contracting opportunities
People often believe that bond elections only fund construction projects. Although it’s true that construction opportunities do occur when bond packages are approved, sales of certificates of obligation or general obligation spawn hundreds of other contracting opportunities. Companies that provide services related to technology, energy systems, furniture, landscaping, and security also benefit. Voters already have approved an abundance of bond packages this year, and more are pending in November elections.
The state of Georgia has funding of $1.133 billion that will be used for new projects, the purchasing of equipment, repairs and renovations to existing facilities. Some of it will also be used to launch new construction projects. School districts have been allocated approximately $378 million and $302 million is available for projects at the University System of Georgia. The Department of Transportation will receive over $152 million for roads, bridges, and rail projects, and the Technical College System of Georgia will receive approximately $99 million for various projects. The state also allocated $20 million for a new conference center at Lake Lanier Island and $12 million for infrastructure improvements at the Georgia World Congress Center in Atlanta.
The Cabell County Board of Education authorized the issuance of $87.5 million in public school bonds after it was approved by voters in August. Architectural firms and design teams will be in high demand soon as construction is planned for early 2021. Projects include rebuilding Meadows Elementary and Milton Elementary and construction of a new Davis Creek Elementary facility. Other school buildings will receive major renovations including new windows, doors, roofing, HVAC systems, sprinkler systems, and security upgrades.
Bond funds were approved in Lewis County for a $33 million capital project to construct a new surgical pavilion and renovation of the existing Medical-Surgical floor. Bidding will be solicited in January and February 2021 with construction to begin immediately. The project includes construction of a 36,224 square-foot surgical pavilion as well as the renovation of about 18,889 square feet of the existing Medical-Surgical inpatient floor.
The state of California recently announced the sale of $2.65 billion of revenue bonds to benefit various projects at the University of California (UC). About $1.15 billion will be spent on campus projects. Regents for the university system announced that about than 50 construction projects at all 10 UC campuses are planned. Projects include improvements to the Agriculture and Natural Resources Research and Extension Center and Franz Hall. Seismic upgrades are planned for the Irvine Campus, the engineering tower, four gateway quad buildings, and the social sciences buildings. More earthquake-resistant improvements will be made at a number of additional facilities.
In August, $140 million in bonds were approved for construction of a new high school and the completion of 13 other construction and improvement projects for Ascension Parish Public Schools. Approximately $79.5 million has been set aside for a new high school which will be located in Prairieville. Solicitation documents for contractors will be released in 2021. Other projects that have been approved include $27 million in renovations at East Ascension High School, $7.5 million for artificial turf at four high school stadiums plus the stadium at the new high school, $4.4 million for a classroom addition at St. Amant Primary, and $2.3 million for improvements at Donaldsonville High School.
Voters recently approved $76.6 million for the Plainview Independent School District and this funding will be used to consolidate and restructure elementary and middle school facilities. Some of the revenue will also be used to update security and technology. The proposed building plan consolidates six elementary campuses into three with pre-K programs and increased capacity at each campus. Some solicitation documents are expected in November, and others are planned for early 2021.
The state of Hawaii successfully sold $995 million of general obligation bonds, and the funding will be used to finance capital improvements for various public buildings, elementary and secondary schools, community college and university facilities, public libraries, and parks.
As 2020 draws to a close over the next few months, millions more in funding for all types of projects will result as November bond packages are placed on the ballot for voter approval. Even in the midst of a pandemic, public assets must be maintained, expanded, and made safe for citizens. The activity generated by the bond elections stimulates local economies, and the projects that result create thousands of jobs as well.
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