Board OKs bond issue

By By Clif Knight, Hartselle Enquirer
Hartselle School Board has given its unanimous OK to issue funds from a $22.1 million Qualified School Construction Bond loan. The move was made at a special called meeting Monday night.
The loan represents part one of a three-part financial plan to fund the construction of a proposed $40 million new Hartselle High School. It comes from the 2009 American Recovery and Reinvestment Act and is subject to a 1.865 interest rate.
Part two is an $18 million general obligation bond issue and part three is a $300,000 per year commitment from the school district. The loan and bond issue will be retired with proceeds from a one-cent sales tax, which went into effect Jan. 1, over a 30-year period.
The loan has to be used by Dec. 12, 2012, and must be repaid in 15 years. The first payment of $205,197 is due June 15.
Reed said he doesn’t expect much activity to be taking place on the 52-acre Bethel Road school site for several months.
Board member Dr. James Joy asked about the process of hiring a project manager. Reed said he has already received several inquiries from companies that are looking for jobs and will schedule two or three firms for interviews by the board in the near future.
The board also discussed briefly right-of-way access to the school site from Roan Road as well as proposed improvements to Roan Road.
It was suggested by board member Bruyne Rollins that an effort be undertaken to double the width of an existing 60-foot right-of-way.
It was agreed that additional right-of-way would be beneficial to the school providing that the adjacent property owner is willing to swap land on an equal basis.
With respect to Roan Road improvements, Reed said the school is willing to foot the bill for some but not all of proposed improvements to Roan Road. However, at an earlier meeting with the city officials, the city council indicated road improvements would be included in a$40 million budget for the new school.