MPS moves forward with $2 million loan

By By Georgia E. Frye / staff writer
June 8, 2004
Meridian School Board members voted Monday to borrow up to $2 million in bonds for three years to fund school repairs on nine of the district's 14 campuses.
The vote came after the school board received no objections from the public by Monday's 5 p.m. deadline.
School board attorney John Compton said the board's next move is to find a bank that will loan the money. He said he does not know what kind of interest rate the school district will receive.
The district plans to borrow up to $2 million for building, plumbing and drainage repairs; school officials said they likely will need about $1.75 million to make the repairs.
Compton said the school board will borrow the money no later than September and that some work could begin during the school year. The bulk of the work, however, will be done during the next three summers.
The loan will be financed with a property tax increase of 3 mills, which would raise about $675,000. Taxes on a $35,000 home will increase about $5, while taxes on a $100,000 house will increase about $20.
The tax increase would be removed after the loan is re-paid.
Suzanne Smith, chief financial officer for the school district, said interest on the loan will cost about $127,000 over three years. She also said the school district has the same tax rate as it did in 1996.
Smith said the Meridian school district has about $4.3 million in reserve funds. But she said the school district would be placed in financial distress if it used those funds for building repairs.
School Repairs
Here's a look at repairs the Meridian Public School District plans to complete with a loan of up to $2 million. The work is scheduled to begin this fall and the loan will be repaid in three years.
Oakland Heights Elementary School: Plumbing, $239,783
Poplar Springs Elementary School: Plumbing, $279,688
Marion Park Alternative School: Plumbing, $76,130
Magnolia Middle School/Parkview Elementary School: Plumbing, $361,503
Meridian High School: Plumbing, $20,000
West Hills Elementary School: Plumbing, $289,515
West End Elementary School: Drainage, $120,000
Oakland Heights Elementary School: Roof, $250,000
Other Expenses: Engineer/architect fees, $98,000; bond attorney fees, $16,000.
Source: Meridian Public Schools

News

Roxy holds annual W.C. Handy’s Evening at the Roxy Great Pretenders Show

Franklin County

Distinguished Young Women deadline approaches

College Sports

NWSCC adds volleyball to growing Patriot athletics program

News

Russellville Parks and Rec adult softball league grows interest

Franklin County

PROGRESS 2024: Veteran Spotlight – Thomas Randall Miller

Franklin County

Community Spirit Bank announces promotion

Franklin County

Police search underway for man wanted in three states

Franklin County

Local students earn collegiate honors

East Franklin

PHOTOS: East Franklin Junior High awards honors

News

Traveling band makes stop at Phil Campbell High School

News

Russellville Parks and Rec holds adult sandlot softball game

Galleries

PHOTOS: Community celebrates Fourth of July with annual Jam on Sloss Lake

News

Second Canadian Phil greeted by town

Franklin County

Franklin County Schools lead nurse school nurse named administrator of the year

News

Former Russellville resident performs in ‘Miracle Worker’

Galleries

PHOTOS: Russellville, Red Bay public libraries enjoy summer reading program events

Franklin County

PROGRESS 2024: Veteran Spotlight: Robbie Richardson

News

University of Mississippi announces spring Chancellor’s Honor Roll

News

PHOTOS: Community turns out for Phil Campbell Festival

Franklin County

University of Alabama announces spring graduates

Franklin County

Dean’s, president’s lists students named for UA spring term

Franklin County

PROGRESS 2024: Veteran Spotlight – Hugh Plott

Galleries

PHOTOS: Inaugural downtown Russellville Art Crawl winners

Galleries

PHOTOS: Russellville Public Library holds princess, pirates bounce party

x