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Md. House approves major funding plan for schools

Friday - 3/22/2013, 5:40pm  ET

Associated Press

ANNAPOLIS, Md. (AP) -- The Maryland House of Delegates has approved a major funding plan to build new schools in Baltimore and renovate others.

The House voted 107-30 on Friday for a measure that would allow the city to issue about $1 billion in bonds to build as many as 15 new schools and renovate up to 40.

The measure now moves to the Senate for consideration.

The bonds would be made possible by funding from the state, the city and the city school system. They would contribute $20 million a year each for 30 years.

State money would come from the lottery beginning in fiscal year 2015. The city money would come from a bottle tax and gambling revenue, as well as retiree health savings.

The Maryland Stadium Authority would oversee the financing.

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