Jefferson-Morgan directors vote in favor of $8 million in upgrades, repair to school building

JEFFERSON Jefferson-Morgan School Board directors on Monday unanimously approved a resolution to incur debt in an amount not to exceed $8 million to pay for badly needed upgrades and repairs to the senior-middle school, locking in interest rates near a 50-year historical low.

The rates are very good. Its a good time for the district (to incur debt), said Christopher Brewer, bond council with Dinsmore and Shohl LLP, adding that rates hit a near 50-year low in January.

The rates have come up a little since then, but they are still well below historical averages, said Jamie Doyle, financial adviser with Public Financial Management Inc.

Cindy Jento, chair of the board finance committee, said the district is hoping to raise $5.2 million from the bond issuance to replace sections of roofing; upgrade the electrical, plumbing and heating and cooling systems, and correct other infrastructure problems.

She added that the $8 million figure noted in the resolution is a cushion needed for possible adjustments in calculations regarding interest rates, and that the district intends to The rates are very good.

Its a good time for the district (to incur debt), said Christopher Brewer, bond council with Dinsmore and Shohl LLP, spend only $5.2 million on the needed repairs and upgrades.

Directors last month approved a resolution authorizing the administration and district solicitor Ernest DeHaas to work with the financial adviser bond counsel regarding the issuance of general obligation bonds based on net millage not to exceed 0.55 mills.

Last year, directors approved a 1.07 millage increase, with those funds earmarked for the project.

The additional 0.55 mills approved this year brings the total millage earmarked for bond payments to 1.62 mills.

Annual bond payments are expected to be about $450,000 over 30 years, she added.

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Jefferson-Morgan directors vote in favor of $8 million in upgrades, repair to school building