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Martin County approves lottery-fund application to help Riverside Middle School debt
Summary
The Martin County Board of Commissioners unanimously approved a joint application to the NC Department of Public Instruction seeking $289,193 from the Public School Building Capital Fund to assist with Riverside Middle School debt and related interest caused by federal sequestration.
The Martin County Board of Commissioners voted unanimously April 11 to apply for $289,193 from North Carolina’s Public School Building Capital Fund to help cover principal and interest payments on Riverside Middle School.
County Manager David Bone told commissioners the county and school board must jointly apply to the NC Department of Public Instruction to access the county’s share of Education Lottery proceeds. The request includes roughly $264,000 for annual debt service on the school’s construction and $25,193 to cover one-half of an interest charge tied to federal sequestration, Bone said. The Martin County Board of Education approved the request at its April 9 meeting.
“Approximately $15 million was used to build Riverside Middle School in 2013,” Bone said in explaining the request. Commissioner Ronnie Smith moved to approve the application; Commissioner Dempsey Bond Jr. seconded the motion, which the board approved unanimously.
Why it matters: Lottery-derived PSBCF awards are intended to offset local debt burdens for school construction. If awarded, the funds would reduce the county’s immediate debt-service costs for Riverside Middle School but require a formal DPI award before any payment is made.
What’s next: The county will submit the joint application to the NC Department of Public Instruction and await DPI’s determination. The board recorded the motion as approved unanimously; no additional conditions or contingencies were stated at the meeting.
