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Commissioner Hovis - Finance (County Manager) - To Approve the Use of Accrued Interest from the 2018 GO School Bonds ($520,124.71)
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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 earnings bear the same obligations and restrictions as the bond proceeds from which they are derived. The unspent accrued interest on the 2018 GO School Bonds is $520,124.71 of which $404,062.20 is interest previously allocated for paving projects at Bessemer City High School, Hunter Huss High School, Catawba Heights Elementary School and Gardner Park Elementary School (Resolution 2021-146; approved May 25, 2021). Those paving projects have been completed and were under budget by $404,062.20. The remaining $116,062.51 are all unallocated earnings.
The Board of Education is requesting to allocate all of the $520,124.71 to various capital projects that fall within the categories the bonds were originally issued for. Those categories include General Renovations, Life Safety, Roofing, Paving, HVAC, and Site Improvements. All of the $60,000,000 in bond proceeds have been spent.
This Board Action, if approved, authorizes the Board of Education to use all of the $520,124.71 for various school capital projects within the County. It also approves the authorization to be effective in FY2023 to allow payment of June 2023 invoices yet to be submitted for reimbursement.
POLICY IMPACT
N/A
ATTACHMENTS
2018 GO School Bond Project Summary