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Oldham County board approves financing plan for $109 million South Oldham High School
Summary
The Oldham County Board of Education approved a financing plan authorizing the sale of roughly $109 million in local bonds to fund the South Oldham High School project; the bond sale was scheduled for the next day with closing set for Oct. 14.
The Oldham County Board of Education on Sept. 22 approved a financing plan that authorizes the sale of about $109,000,000 in local bonds to fund construction of the South Oldham High School, with the competitive bond sale scheduled for the following day and a closing date set for Oct. 14.
The approval puts a timeline and financing structure in place after the board previously approved the project’s BG-1 application at its August meeting. Staff member Kelly, a presenter to the board, told trustees the project deposit is about $107,800,000 and that the financing includes a 5% contingency that, per the Kentucky Department of Education, must be held for the project; any unused contingency may be reallocated to other capital projects. Kelly said the district currently expects the bond cost of issuance to be around $2,200,000 and that underwriters’ bids will determine the final interest rate.
