A plan to refinance 15-year-old bonds will allow the two Crothersville school buildings to receive some much-needed upgrades.
The Crothersville Community Schools board’s recent decision to move forward with the refinancing plan will decrease the interest rate from 4.34 percent to less than 2 percent for bonds issued for a project.
The $2 million generated by that move will in turn be used to make repairs and improvements at the two Crothersville schools, including those involving the roofs, heating, air conditioning and ventilation systems and security systems.
“After 15 years, the building needs some general upkeep,” Superintendent Terry Goodin said during Monday’s meeting.
No one from the public or the five-member school board had any comments about the proposed refinancing during a public hearing.
A special meeting was conducted before the hearing to adopt the required resolution for the amendment to reissue and refinance the bonds. The bonds were issued by the 2000 School Building Corp.
Goodin said the tax rate will not be affected, and the levy will remain the same.
He also said once the refinancing is finalized, the roofs on the buildings will be the first project funded after bids are let. That’s tentatively set to happen during the summer and will be finished before school starts.
Goodin said in addition to the roof, air, heating and security upgrades, the school board will determine other needed improvements to be completed and will take community input or suggestions.
In 2003, the elementary school and junior-senior high school were remodeled with a gymnasium, cafetorium, two libraries and new classrooms added and air conditioning installed.
In a separate item on the agenda, the school board also unanimously voted to approve the purchase of property at 207 S. Preston St. in Crothersville for $15,000 using the capital projects fund.
The property, which is in repossession with The Peoples Bank, contains a building that will be demolished. The area can be used for future expansions, possibly parking, Goodin said.
The board approved the authority of Goodin to handle all necessary paperwork concerning the purchase.