Tankersley: We’re optimistic we will receive the money

By By Leada Gore, Hartselle Enquirer
Hartselle officials remain optimistic they will receive a portion of the education funding pie, despite a recent rush of people wanting their slice.
Hartselle is asking for $40 million through a federal program known as the Qualified School Construction Bond program. The program would allow the city to borrow $40 million in interest free funds that would be used in the construction of a new high school. To cover the bond payments, the city is considering a sales tax increase of up to one and a half cents. The money would be repaid in 15 years.
The state has some $118 million in federal stimulus money to allocate through the program. And while competition for the money is fierce, city officials are hopeful they will receive funding.
The decision is in the hands of Gov. Bob Riley. Riley’s office said they’d prefer to use the money for renovations as opposed to new construction. However, to make an impact in Hartselle, officials have said a new building is needed.
Under system’s plans, the existing high school could house seventh and eighth grade students, with fifth and sixth graders combined at HJHS.
Depending on the amount of money the system receives will dictate the city’s next move. If the appropriation doesn’t cover the cost of construction - estimated to be some $40 million - Tankersley said the city will investigate other options, including refinancing existing bonds to generate funds.