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To: MulhollandDrive who wrote (168688)	12/3/2008 1:32:53 PM
From: MulhollandDrive	Read Replies (1) \| Respond to of 306849

lol... Public School Asks for Bailout Money ohio.com. CLEVELAND: A financially ailing Ohio school district has joined the ranks of banks and automakers clamoring for a portion of the $700 billion economic bailout package. Olmsted Falls Superintendent Todd Hoadley said Tuesday that if automakers and cities like Philadelphia, Atlanta and Phoenix can ask for TARP money, schools should be able to follow suit. "I feel a moral obligation to our taxpayers to make this attempt," said Hoadley, who requested $100 million from the Treasury department last week. "This is a legitimate request. I'll be frankly disappointed if something positive doesn't come out of this." The district has buckled under rising enrollment and strained finances, with some schools forced to convert maintenance closets into classrooms. Treasury Secretary Henry Paulson has said the Troubled Asset Relief Program, known as TARP, was meant to stabilize financial institutions. Paulson told Hoadley the same thing when the district submitted the request directly to him last week. The request was also sent to the Federal Reserve Bank of Cleveland. But Hoadley isn't giving up — he's also seeking help from Congressman Dennis Kucinich and U.S. Sen. Sherrod Brown in obtaining bailout dollars. Several school associations were trying to determine whether other districts have sought TARP funding. Miami-Dade Schools chief Alberto Carvalho told The Miami Herald last week that Congress should consider bailing out the nation's schools, but the district didn't apply for funding. North Olmsted's total enrollment has swelled by 29 percent over the last decade to 3,800 students. The district would spend half of the $100 million in TARP money on building addition and renovation projects, while the other half would go toward operating expenses. Two local ballot issues seeking additional school funding failed last month. "We're not looking at this from a bailout standpoint. We don't want to be lumped in with failing corporations," said Hoadley. He noted that North Olmsted has long been one of the state's top-rated school districts. Hoadley is encouraging other to make similar requests to the Treasury Department. "Somebody has to be looking long-term," Hoadley said. "The only way we're going to dig ourselves out of this economic hole is investing in education." So far, the Treasury Department has committed about $270 billion in TARP money for banks and another $40 billion for the insurance company American International Group. The Treasury Department and the Federal Reserve Bank of Cleveland did not respond to requests for comment.