Carroll School Board approves $6.8 million bonding target
August 20, 2013
Carroll Community School District board members Monday night approved a preliminary plan to finance $6.8 million in building and school improvement projects through revenue bonds.
The financing for the debt would come through the district's take through the statewide sales tax (SILO - school infrastructure local option tax) for public schools. The CCSD estimates about $1.4 million in revenue from the sales tax in fiscal year 2014. Until 2030, about $600,000 annually from the tax will go to pay for projects and related debt and interest, under the developing revenue-bond plan.
The major projects in line for funding from the bonds are:
- Carroll Middle School pod addition and entrance, $1.3 million.
- Fairview Elementary School office, entrance and gymnasium, $2.6 million
- Carroll High School office, entrance and fine arts, storage/wrestling/practice area, $2.2 million.
"I think it's time to get it rolling," said board member LaVern Dirkx.
The middle school plan is a 2013 project that is expected to be complete before next school year, while the ones for the high school and Fairview are in the development stages, school officials said.
"We don't want to have three projects going at one time," Dirkx said.
The district likely will stage the high school project over 2014 and 2015 and start the Fairview project in 2015.
"This is all tentative," Dirkx said
The district's financial consultants will roll over the bonding strategy before an expected public hearing and additional board action on the revenue-bonding measure.
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