Slots plan would provide up to $700 million for schools

This from Bluegrass Politics:

FRANKFORT — House Democrats hope to use gambling proceeds from slots at racetracks to fund a large-scale program that would spend up to $700 million replacing dozens of the state’s oldest school buildings.

House Speaker Greg Stumbo, D-Prestonsburg, said the proposal would stimulate the stagnant economy and improve schools, but critics suggested that Democrats are simply promising construction projects to lawmakers who agree to support slots....

It would use tax revenues generated by video lottery terminals to pay off bonds that would fund the replacement of all schools that are 40 years or older, known as category five schools, and some that are 30 to 40 years old, known as category four schools.

There are approximately 16 schools older than 40 years. Another 142 are 30 to 40 years old, including two in Fayette County, according to the Kentucky Department of Education.

The two in Fayette County are Clays Mill Elementary and Mary Todd Elementary.

The total cost to replace all of the category five and four schools is more than $708 million. But Stumbo said it’s unlikely that all of the schools would be replaced...