School board meeting, Aug. 5.
What happened: The board approved more than $200,000 in contracts to repair school buildings.
Why it’s important: The district will be taking out a third loan to complete the construction projects at Providence and Bart-Colerain elementary schools, Clermont and Swift middle schools and Solanco High School.
Background: The district is planning to restore the roofs at Providence and Bart-Colerain schools at an estimated cost is $206,000 and will be serviced by Cardinal Group Services. A pair of doors at the entryway and the doors to the food service dock at Solanco High School will also be replaced, as well as Clermont classrooms and the Swift office entryway. Both of these construction projects will be replaced by A.G. Mauro for an estimated total cost of $10,630.
Taxes: The repairs will not affect taxes, district officials said. The debt service is a line item in the general fund budget.
Loans: The district obtained three separate loans for the projects. The first loan was obtained in September 2017 for $9.3 million. The second loan was obtained in May 2018 for $9.9 million. The third loan was authorized in February for a maximum of $10 million. The school district has drawn only $1 million of this loan to date. The maximum amount approved for borrowing is $29.2 million. Each loan is for a 10-year term.
Timeline: So far, the Clermont classrooms and Swift office entryway will be completed before the end of August. The Clermont gymnasium will be completed by Nov. 20, and the Swift auditorium will be completed by Dec. 30.
What’s next: All loans are scheduled to be paid back by April 1, 2029.