Bluffs School Board to consider bond

Dave Strang/RRN/KNEB - (left) Rick Myles - (right) Bob Kinsey

During it's regular meeting Monday night, the Scottsbluff School Board will consider a resolution that would authorize the issuance of new Qualified Capital Purpose Undertaking (QCPUF) Bonds.

Nebraska allows limited access to these funds to support projects specifically involving environmental hazards, accessibility barriers, life safety code violations, indoor air quality and mold abatement or prevention. School Board President Bob Kinsey and Superintendent Rick Myles were on KNEB's News Extra program Monday morning.

Kinsey says in conjunction with this new issuance, the board will also consider refunding of the outstanding 2009 series QCPUF bonds in order to acquire a reduced interest rate. The interest rate on the old bonds are a blended average now of about 3.5%. Pending market conditions, Myles says they expect them to come down to less than 1.5%.

The issuance of new bonds would provide the district with approximately $3.1 million to be used for completion of required work to the core (southern) portion of the high school facility that is necessary before addressing the major renovation-replacement needed with the classroom wing.

Myles says the preliminary work includes repairs to portions of the electrical system, roof and fire sprinklers. To maximize efficiency of dollars, while these significant portions of the plumbing are being displaced, the students' locker rooms will be renovated and public, handicapped-accessible restrooms will be added in the courtyard adjacent to the gymnasium and auditorium area.

Myles says as a result of the refunding, the district expects to lower the rate on the existing QCPUF bonds substantially and by structuring the new project funds around the existing bonds,the District is expecting a net levy impact that would add less than $10 per year to the annual property taxes for a $100,000 home.

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