The Clark County School District Finance Corp. Tuesday authorized the sale of $10.8 million of school building revenue bonds for three current building projects in the district.
The largest part of those, $5,265,000, is for the completion of the second phase of the Area Technology Center at the new George Rogers Clark High School.
Bonds totalling $2.16 million will be issued for the second phase of the new Clark County elementary school being built behind Central Elementary School, which will replace Central, Fannie Bush and Pilot View elementary schools.
The remaining $3,375,000 of bonds are for the renovation of Conkwright Middle School, which will become an elementary school.
The funds used for the bonds are restricted funds than can only be used for construction.
Joe Nance of Ross, Sinclaire & Associates told board members the timing for financing a construction project was “as good as it gets” right now.
“We are at historic low interest rates right now,” Nance said. “You are going to issue a 20-year bond issue at an interest rate of a little less than 3 percent. It really doesn’t get any better than this.”
Nance said the rate could always change, but tried to be conservative in the rates he projected.
The Clark County School Board approved the finance corporation’s authorization to have Nance sell the bonds at its meeting later Tuesday.
Nance said it usually takes about a week for architects and construction managers to get plans to the Kentucky Department of Education, which then has a two-week review period for the documents.
Sale of the bonds is currently scheduled for Aug. 7.
Contact Bob Flynn at email@example.com.