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Clover finance staff outlines multi-stage bond plan to fund two new schools; board confirms operating levy
Summary
Finance staff told the board it plans phased borrowing (8% authority, bond anticipation notes and future general obligation bonds) to fund two new schools while trying to remain within the voter-approved 46 mills; staff also asked the board to confirm the operating levy for the upcoming tax cycle.
Mr. Love, representing district finance, briefed the board on cashflow and a multi-stage borrowing strategy to fund two new schools and stay within the voter-approved 46 mills.
He told the board July receipts included roughly $4.7 million in tax and state money and about $2.4 million in July expenditures, noting the district sees seasonal fluctuations tied to payroll timing. Mr. Love described a plan using existing 8% borrowing authority, bond anticipation notes and phased general obligation borrowing: staff expect to borrow additional sums in October and again in April of the following year to ensure cash is available when contractors bill for construction work; the board was cautioned that cash availability and timing are critical because contractors expect prompt payment when projects reach milestones.
On construction updates, Dr. Hopkins reported completion of major work on Clover High School commons and final inspections for some areas, partial roof completion at the fieldhouse with a projected December delivery (the contractor has indicated a December timeline despite an earlier October target), ongoing site work at Roosevelt Middle Schools fine arts wing, and progress on the Lake W. High School building pad and initial footings.
Mr. Love also summarized outstanding bond issues and bond-anticipation notes tied to the 156-million-dollar voter-approved authorization for Lake W. High School; he said staff have previously borrowed against that authorization and plan additional short-term notes to cover expenses while phasing long-term borrowing. He told the board the district remains intent on staying within the 46-mill limit but warned there remain timing and cost pressures.
The board approved surplus equipment disposal and "confirmed the operating tax levy as calculated in May" by voice consent; the transcript records staff referencing 229.5 (mills) when describing earlier calculations, but some numeric lines in the transcript were unclear and should be verified in official minutes.
No roll-call vote tallies were read into the record for the approvals taken by unanimous consent.
