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Financial advisor outlines financing options and project costs; board warned of bid overruns on several school projects
Summary
Ford and Associates advised the Nassau County School Board that financing generally occurs late in the planning process and can take 3–6 months; the board heard project scopes (Callahan, Yulee consolidation, Pages Dairy elementary, Fernandina Middle School) and staff recommended contractors for a welding classroom ($2.3M recommendation, ~$600K over estimates) and a $3.8M mechanical retrofit at Fernandina Beach High School.
John Ford of Ford and Associates told the board on April 6 that school construction financing typically follows selection of architects and completion of bid pricing, and that closing financing usually occurs when construction contracts are signed. "It's a 3 to 6 month process," Ford said, summarizing the district's options for debt structuring and timing.
Ford outlined common financing types used by Florida school districts, including certificates of participation (COPs), which he described as frequently used because COPs can leverage existing local capital‑improvement millage and avoid creating separate dedicated revenue sources. He cautioned that the credit…
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