Thursday, January 28, 2010
Classroom additions in works for schools
Construction of new classrooms at four Marshall County School District campuses has taken a financial step forward.
Don Randolph, superintendent of education, said the district’s application for Qualified School Construction Bonds, authorized by the American Recovery and Reinvestment Act of 2009, has been approved for $3,000,000.
The bonds are an interest-free financial instrument that provides the bank holders with a federal income tax credit in the amount approximately equal to the interest that state and local school districts would pay holders of taxable bonds.
The QSCB bonds will be used for construction of six classrooms at Byhalia Elementary/Middle School, four classrooms at Byhalia High School, four classrooms at H.W. Byers, and four classrooms and a multi-purpose building for physical education classes at Mary Reid.
“Classrooms at these schools are at full capacity at the present time,” Randolph said. “Galena School’s enrollment is down at the present time and all classrooms are not being utilized for instruction. The new construction will give us room for growth in the future at all schools.”
He said the new construction would not have been possible if the district had not received the interest-free bonds.
“The bonds will save the county $1 million in interest and create another $500,000 in bond debt credit for the school district,” Randolph said.
Trustmark Bank of Jackson bought a $2,000,000 note and three local banks bought a $1,000,000 note. The local banks are Merchants and Farmers Bank in Holly Springs, Citizens Bank of Byhalia and First State Bank of Holly Springs.
“These notes will be retired by an annual tax levy not exceeding three mills,” Randolph said.
He thanked the Marshall County School Board and each of the banks for their support.
“This construction of classrooms is extremely significant to the future growth of our county and the continued improvement of our schools,” Randolph said. “We in the Marshall County School District believe that this investment in our children’s future will be repaid many times in the years ahead.”
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