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Board authorizes up to $2.5 million in general obligation bonds for capital improvements
Summary
The board unanimously authorized issuance of up to $2.5 million in general obligation bonds under its 8% borrowing capacity to fund capital projects including a primary school roof replacement and districtwide painting.
The Lexington County School District 3 Board voted Tuesday to authorize the issuance of up to $2.5 million in general obligation bonds to fund capital improvements across the district, administration representatives said.
Mrs. Roden, reviewing the bond resolution prepared with Burr and Associates, said the district’s current assessed value is about $58.7 million and the request falls within the district’s 8% borrowing capacity. The administration said the funds would be used for capital outlays including roof replacement at the primary school and painting and other maintenance projects districtwide. Mrs. Roden said the district plans to hold its debt service millage at the current 94.8 mills and will assess final collections after June 30 before finalizing borrowing specifics.
A motion to approve the 8% bond resolution authorizing up to $2.5 million in general obligation bonds was moved, seconded and carried unanimously at the meeting.
