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The Shelby County Board of Education and Finance Corporation approved during its meeting Thursday the funding for the new Southside Elementary School.
Because school districts are not allowed to carry debt for more than one year, the board’s Finance Corporation must issue the bonds, with a 1-year lease agreement, for the exact amount of the annual bond payment, and the lease agreement automatically rolls over each year.
“This is the way it’s done at just about every school district in the state,” said Dwight Salsbury of Ross, Sinclaire & Associates, the firm that issues the bonds for the district.
The approved bond issue for Southside is $18.59 million, with $15.2 million being the local portion of the bonds. The vote was approved, 4-0, with Karen Sams abstaining because this was her first meeting and the vote was pertaining to previous board work.
In October, the board and Finance Corporation approved a $5 million bond issue for the Northside Early Childhood Center.
Salsbury said the district is still in good shape, with $14.8 million in bonding still available for future projects, if need be.
The schedule has the district occupying the new Southside building in the summer of 2014, and the demolition of the old building, which will be used during construction, will occur in the after June 2014.
Superintendent James Neihof said SCPS should realize about $1.6 million during the next four years from the grant recently awarded to the Ohio Valley Educational Cooperative (OVEC) and the Green River Regional Educational Cooperative (GRECC).
“There will be two project managers, one at OVEC and one a GRREC, and we hope to hire College and Career Coaches in April, with a June start,” he said.
The grant also will lead to several opportunities for professional development for the administration, staff and teachers, including a new program for Shelby County called “students as learners.”
“This is a program that we are not currently investing in,” Neihof said. “The grant will provide support for staff training and implementation of a program to provide teachers and administrators with proven strategies for engaging students as owners of their own learning.
“Schools where this structure has been implemented across the nation are reporting excellent student performance results.”
Also at the meeting, board members:
2013 meeting schedule
The board approved the dates for meetings 2013. All meetings are at 7 p.m. and at the district’s office, 1155 Main Street, unless otherwise noted.