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Commissioner Keigher - County Manager - To Approve the Use of the Remaining Principal Proceeds from the 2016 School Bond Issue for a Paving Project at Bessemer City Middle School and a Paving Project at Bessemer City High 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
In 2016 the Gaston County Board of Commissioners sold $50.5 million in school bonds for the purpose of building a new Stanley Middle School and consolidating the existing Rhyne Elementary, Forest Heights Elementary, and Pleasant Ridge Elementary into a new elementary school. Upon completion of both construction projects, there was $658,532.39 in unused principal funds remaining to be used. The Board of Education is requesting that these funds be used for paving projects at Bessemer City Middle School and Bessemer City High School. These projects would include removing the existing pavement system down to the subgrade and provide a 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 both projects is projected to exceed the $658,532.39 that we are requesting. Therefore, the shortfall in funding will be covered by either re-appropriated accrued interest (subject to Commissioners approval) or unused funds from the 2018 school bond offering.
POLICY IMPACT
N/A
ATTACHMENTS
Bond Balances and School’s Letter