North Clay Board Looks at Ways to Finance Construction Projects

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Published on January 5 2017 10:14 am
Last Updated on January 5 2017 10:14 am
Written by Greg Sapp

North Clay school board members Wednesday discussed upcoming construction projects and at ways they could be financed.

The Board talked with Tim King of King's Financial Consulting on funding options. Members then decided on which projects to undertake this summer. Those will include replacement of exterior doors and windows at the high school building, removal of two old boilers at the high school and replacement with a mini boiler for efficiency that ties in with a previously completed HVAC project at the high school, repair or replacement of the mansard roof on the elementary building, and replacement of windows and panels on the 1976 elementary building.

Superintendent Monty Aldrich will next talk with the district architect with a plan to likely seek bids on the projects by February.

The North Clay district has several building issues pending with its current 10-year Health/Life Safety survey that each district undertakes. The Board's tentative plan includes spreading the potential projects through a two-year period beginning this summer. The Board Wednesday discussed how much money could be saved by financing the projects themselves which they say would "not raise property taxes much."

The district's current tax rate is $3.86, which includes the Bond and Interest levy. Aldrich said the rate is "one of the lowest school district tax rates around." As far as financing the projects, factors will include the district's equalized assessed valuation, the amount borrowed, and the years needed to pay off the debt.

The Board voted 7-0 to proceed with the projects.

The North Clay board also accepted policy changes for first reading, and voted to accept the irrevocable intent to retire from Ann Bryan at the end of the 2018-2019 school year.