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BoE sells bonds to fund school projects

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POSTED: September 7, 2013 5:00 a.m.

The Bryan County Board of Education voted Thursday in a called meeting to approve the sale of $23.5 million in bonds to build and equip two new schools — McAllister Elementary and Bryan County Elementary.
The measure will net the school board some $24.7 million to go toward the projects, according to Melanie James, Bryan County Schools financial director. Underwriter Robert W. Baird & Company marketed the bonds and received more than $100 million in orders when they were offered Thursday morning.
“Because of the tremendous response, we were able to lower the yield by five basis points, reducing net interest costs over $30,000 to achieve an all-in cost for the district of 1.45 percent,” said project manager Brian Ubell.
The bonds were authorized by voters in 2012 as part of SPLOST and will be paid from sale tax collections, James aid.
“Because of the steady collection of sales taxes over the last five years, the district not only paid off the prior bonds (to build the new Richmond Hill Middle School), but also collected about $1.1 million in excess of the debt service needs that were applied directly to our capital projects program,” she said.

Read full story in Sept. 7 issue of the Bryan County News.

 

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