Funding for several projects includes construction of Showell Elementary School
(April 12, 2019) A resolution approving the sale of nearly $46 million in general obligation bonds was approved last Tuesday by the Worcester County Commissioners meeting.
The bond will pay for several projects, including $38 million to build the new Showell Elementary School, $1.4 million for the turf field and track at Stephen Decatur High School, $3.325 million for landfill capital improvements and $3.25 million for water wastewater infrastructure improvements, according to a bond sale memorandum.
Budget Officer Phil Thompson told the commissioners the bond sale had concluded that morning and that the county received a 2.35 percent interest rate over 15 years from “Fidelity Capital Markets for the Consolidated Public Improvement Bond 2019 Series.”
“The sale was very successful, [we’re] very pleased with the results,” Thompson said.
Thompson added the county was also able to save more than $5.98 million on the sale, according to county officials.
“We actually received a $6.6 million premium on [the] bond sale, whereas we essentially borrow[ed] $45.975 million for the project,” he said. “We owe 39.6 million in debt service.”
Commissioner Chip Bertino also appeared to be pleased with the progress, but joked about the timing of Thompson’s announcement.
“I wish you hadn’t said that in front of the Board of Ed[ucation], because I already see [Superintendent] Lou [Taylor] already saying, ‘how can we spend that money?’” Bertino said.
The commissioners approved the bond authorizations for the projects during public hearings in a Jan. 22 meeting.
The Showell Elementary and Stephen Decatur High schools projects were part of the five-year capital improvement plan for fiscal years 2020-2024. The central landfill site was part of the five-year capital improvement plan for fiscal years 2019-2023.