Phenix City Board of Education issued $10M bond - Action News 5 - Memphis, Tennessee

Phenix City Board of Education issued $10M bond

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PHENIX CITY, AL (WTVM) -

The recent upgrade of Phenix City's credit ratings encouraged the city's board of education to push for a bond issue and to pursue their five year capital plan. That $10 million bond was granted to complete several projects.

The meeting that was scheduled for January 23, 2014 was moved to January 9, 2014 at 6:30 p.m.

"The board was having to have an expulsion hearing at 5:30 p.m today, so we saw this as an opportunity," explained Joe Blevins, the operations director of Phenix City Public Schools. "Instead of waiting till the regular board meeting in mid January, we wanted to go ahead and look over some items and get an approval today."

Two projects to be paid with bond issue funds have already received board approval.

A 12 classroom addition at Lakewood Elementary School is in progress, and this project is expected to cost about $1,506,070. $1,212,853 is already coming from bond issue proceeds, and the other $293,217 is scheduled to come from the bond refinanced in 2013.

A four classroom addition and multi-purpose room at Sherwood Elementary School has already been approved as well. The cost is expected to be around $1,802,500.

The Phenix City Board of Education recently received seven new school buses, and they are planning on getting five more now and another 5 buses later this year.

The Board of Education wants the approval of $1,500,000 to purchase these buses. The amount is not expected to cover all 17 buses, but it should cover about 15 buses.

Furthermore, office, cafeteria and kitchen renovation and classroom addition at Westview Elementary school are expected to cost about $1,924, 200.

Roof renovations at Central High School will cost approximately $1,500,000, and buying a bus barn will cost about $1,500,000 as well.

In addition, access road at Central High School is expected to cost about $525,000.

Each project will need board approval before the projects begin with the exception of the current projects that are already being worked on.

Money from the bond will be put into a different account. The board will look over and keep track of the financial summary of the money spent at each of their regularly, scheduled meetings.

Copyright 2014 WTVM. All rights reserved.

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