(BEDFORD) – In a final bond hearing Thursday evening, the North Lawrence Community School Board approved moving forward with issuing bonds for two future projects.
The two projects include a $2.6 million project at Bedford North Lawrence High School to install artificial turf at the football field. The other project includes HVAC and roof repairs at the elementary schools.
Dr. Ty Mungle presented the need for the projects to the board. He also discussed future savings to tax payers by taking out the bonds at this time. Mungle says the interest rates for borrowing the money is currently at an all time low.
The public was allowed to address the board. Ed Bay spoke against the project and questioned the reason for borrowing at this time.
“Why would you want to borrow money at this time, especially after closing several elementary schools under the pretense of saving money,” asked Bay.
“You do not even know what COVID-19 will do to bring on more expenses to the school corporation and you are borrowing more money,” Bay added.
“I believe in living within your means,” countered Bay.
North Lawrence School Board Member Kristen Collier asked Mungle several questions about why the time was right for borrowing and the overall need for these two projects.
Mungle says that the tax rate on borrowing the money will not increase on the school debt service fund.
“In fact the debt service fund for the school corporation will actually decrease next year,” stated Mungle. “Will your property taxes be reduced? Probably not, as the savings will be divided among other Lawrence County taxing units,” said Mungle.
Following the vote for authorization for the bonds, the board also approved the appropriation of $5.5 million for the projects, establishing a building corporation which has been done on previous capital projects, assigning construction bids and authorizing the sharing of school corporation financial information to bond purchasers of the project.
The board has not approved any projects at this time, and will need board approval before any project will begin.