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Wilson County approves $35.5 million installment financing for Frederick Douglass Elementary
Summary
Wilson County commissioners approved a final installment financing resolution to fund Frederick Douglass Elementary and county capital projects, a package county staff said totals $35.5 million and is scheduled to close Dec. 12 after Local Government Commission review.
Wilson County commissioners on the first December meeting approved a resolution authorizing an installment financing contract to support Frederick Douglass Elementary and related county capital projects. County staff described the total financing as $35,500,000, which includes roughly $26,580,841 attributed to the school’s guaranteed maximum price and about $8,791,000 for county capital projects; issuance costs were described as approximately $209,000.
County staff told the board the package previously received the Local Government Commission’s unanimous approval on Dec. 2 and that the county planned to close the financing on Friday, Dec. 12. The presenter summarized the timeline and said documents would be available after tonight’s meeting for the chair to sign.
Commissioners praised county staff for preparing the financing package and noted that placement on the LGC consent agenda reflected favorably on the work by finance and legal staff. No commissioner recorded a roll‑call vote; the motion to adopt the resolution passed on a voice vote (the meeting transcript records the motion carrying with “aye” and “motion carries”).
What this means: County staff said the financing will allow school construction activity to continue and permit the county to draw reimbursements for both the school GMP and other capital projects. The resolution adopted tonight is the board’s final formal approval to proceed toward the scheduled closing.
Next steps: County staff indicated the chair would sign closing documents immediately after the meeting and finance staff would begin reimbursement draws following closing. The school district’s Board of Education must finalize a separate guaranteed maximum price amendment for the school’s construction contract before the scheduled groundbreaking later in December.
