The fiscal agent for the Bell County School District provided an update to the Bell County Board of Education on the district’s bonding capacity from the “recallable nickel.”
Joe Nance reported the district currently has bonding potential of $8.7 million.
That number will potentially increase to approximately $17.5 million after the General Assembly meets next year. The original projection for bonding potential after the recallable nickel was introduced totalled $15 million.
“When the board took the action to do this recallable nickel, you set this district up for the next 30 years,” said Nance, during regular session.
Nance assured the board the state would match the funds acquired by the nickel tax.
“Nothing is 100 percent, but I am 99.9 percent sure we are going to get that extra $600,000,” said Nance.
The board approved three BG-1 forms for the major projects that are projected to occur in the future.
Nance said the total amount for the three projects total a little less than $8 million.
During phase 1 of the projects, Nance said the district could hire the architect so the process could begin.
“It’s good times in Bell County,” said Nance. “You guys are getting ready to do good things.”
Nance also went over some of the bonding obligations the district has incurred up to this point.
Some of the projects that required bonding in the past included a two-phase process for the area technology center; refinancing of bonds issued in 2000 for Yellow Creek, Right Fork and Page School Center; auditorium lighting and bleachers in the gym, emergency HVAC improvements for Bell High School and Bell Central; and the refinancing of bonds issued in 2003 for Frakes School Center.
Nance said the district owes around $1.1 million per year for the next eight years to meet current bond obligations. Money for the obligations come from several sources of funding including money set aside for the building fund, revenue from the recallable nickel and capital outlay funds.
The board also hired an architect to design projects at Bell County High School, Bell Central and Yellow Creek. The board hired Ross Tarrant Architects for the projects. Roland Mueller, a representative of the firm, previously worked with the district during the facility planning procedure.
Reach Anthony Cloud at 606-248-1010, ext.208, firstname.lastname@example.org.