The Charles City School Board is moving forward on financing towards what will eventually add up to about $15 million in upgrades for the High School, built over 65 years ago.
During their monthly meeting Monday (07.13) night, the Board moved forward on the issuance of some $3 million in SAVE bonds.
That’s Superintendent Brian Burnight, who says crews this summer are addressing HVAC work in the industrial/tech wing of CCHS.
The School Board also approved the redemption of some $2.6 in bonds to help cover the most immediate costs of the building overhaul and some past expense.
Burnight adds that he doesn’t want to “jinx it,” but expressed optimism that the current HVAC work will be done on time for the start of classes on August 24th.
As for the $3 million in borrowing, the school district is still waiting on where the financing will come from. Huntington Bank has offered to serve the loan for the full amount at 4.58% interest. However, CUSB also proposed servicing $750,000 of the bonds at a lower rate of just over 3.5%.
The Board directed Tim Oswald of Piper Sandler to approach Huntington on whether they would be open to the “hybrid” loan with CUSB.
Stay Connected with 95.1 The Bull
Add 95.1 The Bull as a preferred source on Google to see more local news, weather, and sports in your feed.
Follow us on Facebook for breaking news, severe weather alerts, sports, and more.
