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Bamberg school board approves $1 million state bond resolution for capital projects
Summary
The Bamberg County School District board approved a state school bond resolution to authorize issuing about $1 million for capital projects, with sale slated for April 29 and funds expected in mid-May; the vote was unanimous.
The Bamberg County School District Board of Trustees voted March 3 to adopt a state school bond resolution authorizing issuance of roughly $1,000,000 for capital projects.
Mr D, the district’s bond presenter, told the board the district could issue about $1 million under the state program without raising the operational millage and that the bonds will be sold April 29 with proceeds expected around May 15–20. He said the district’s calculation was based on maintaining its 8% constitutional debt capacity and noted recent state funding that reduced the district’s debt-service millage, which affects borrowing capacity.
Board members asked clarifying questions about the not-to-exceed amount and the timing. Mr D said the recommended figure was not to exceed $1,100,000 to allow for issuance costs and rounding, but the working plan was for about $1 million. The board moved and approved the resolution with no recorded opposition.
The resolution allocates funds for capital projects only; Mr D emphasized the proceeds cannot be used for operations. The district expects to have bond proceeds available in time to begin summer capital work when students are out of school.
