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Commissioner Keigher - County Manager - To Approve the Use of the Accrued Interest from the 2016, 2017 and 2018 GO School Bonds for Paving Projects at Bessemer City High School, Hunter Huss High School, Catawba Heights Elementary School and Gardner Park Elementary School
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STAFF CONTACT
Dr. Kim S. Eagle - County Manager
BUDGET IMPACT
budget
N/A
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BUDGET ORDINANCE IMPACT
N/A
BACKGROUND
The Board of Education budgets the use of bond funds and the Gaston County Commissioners approves the use of these funds. The bond interest amounts bear the same obligations and restrictions as the Bond Funds from which they were derived. The accrued interest on the capital funds totaled $2,054,419.97 as of May 4, 2021 as detailed below:
2016 Bond $ 372,897.02
2017 Bond 67,128.33
2018 Bond 1,614,394.62
Total $ 2,054,419.97
The Board of Education is requesting that these funds be used for paving projects at Bessemer City High School (partially funded from 2016 bond reallocation - if approved), Hunter Huss High School, Catawba Heights Elementary School and Gardner Park Elementary School. These projects would include removing the existing pavement system down to the subgrade and provide new pavement system along with curb and gutter, striping, adjacent sidewalks when needed, wheel stops, and the related design, engineering, and project administration costs. The cost of all projects could exceed the $2,054,419.97 that we are requesting. Any shortfall will be covered by unused funds from the 2018 school bond offering.
POLICY IMPACT
N/A
ATTACHMENTS
Bond Balances and School’s Letter