SP trustees vote to borrow funds for new building

Published 12:00 am Friday, March 20, 2015

SP trustees vote to borrow funds for new building

By Rupert Howell
South Panola school trustees voted Monday to borrow $4.6 million to build a ninth grade building, and for other improvements, that would be paid from the three mill tax levy currently being assessed. Payment for the bonds would be paid through the year 2028 as opposed to 2018 under current debt financing.

Superintendent Tim Wilder made the recommendation during Monday’s March meeting and a motion was quickly made by Trustee Buddy Gray and passed unanimously. Wilder explained that the recommendation would not add new millage to the tax assessment, only continue the levy currently in place.

The board briefly discussed the law firm who would serve as bond attorneys and were also assured by District Finance Director David Rubenstein that the borrowed funds could be used for other projects if needed.

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Final approval of the borrowing and issuance of notes may be given by the board at a meeting April 21 when the process would move forward unless a petition signed by 20 percent of the qualified electors of the South Panola District requesting an election is filed prior to that time, 6 p.m. April 21.

Purposes listed for the funds other than a ninth grade building at the high school include: other buildings used for school purposes, heating plants and air conditioners, fixtures and equipment for such buildings, purchasing land for school purposes, purchasing school buses and transportation equipment, improving and equipping lands for school recreational and athletic purposes, refinancing outstanding debt and paying the costs of such borrowing.

According to the law provided in the order, the annual levy of a special tax shall not exceed three mills, and shall mature over a period not to exceed 20 years, 13 in this case with bonds maturing in 2028.

The trustee board includes President Sandra C. Darby, Jerry Cooley, Buddy Gray, Kenny Hopper and Lygunnah Bean. Board members and the superintendent are scheduled to leave this week for a national school board conference in Nashville.

The trustee board meets each month on the third Tuesday at 6 p.m. at the Parent Center of the district located at 204 College Street in Batesville.