The bonding authority and bond bank concepts have evolved as effective and efficient methods of assisting local education agencies in financing school facility construction and other capital improvement programs. This discussion defines bonding corporations and reviews their historical development, current status, and potential. (TE)

During his career, George Peabody financially supported educational endeavors and went beyond the accumulation of money to leave for one's children. His support began in the mid-1800s and his educational legacy remains. He established: (1) a $2 million Peabody Education Fund to promote public schools and teacher training in 12 civil war devastated…