CCSB Approves Bond Sale for Gym Project

RISON - The Cleveland County School Board unanimously approved a resolution Monday night to sell $13.1 million in bonds to generate the revenue to pay for construction of a new gymnasium at the Rison School campus.Jason Holsclaw with Stephens, Inc., the district’s financial adviser, went over the resolution during the school board’s regular monthly meeting Monday night.Last November, voters in the Cleveland County School District approved a 6-mill tax increase to help fund the new gym. That request was for a bond issue of about $13.1 million that would be pay off the district’s existing debt and provide enough money to fund the gym.Holsclaw said the bonds were put out for bid last Thursday, and several firms responded. The low interest bid went to Robert W. Baird & Company of Milwaukee, Wisc., with an interest rate of 4.31 percent.In total, the receipt of the funds was $13,197,161.65. Subtracted from that was the payoff for the district’s two existing bonds - $1,249,244.96 for a 2015 bond issue and $81,426.39 for a 2009 bond issue - as well as the underwriter’s costs and other fees. The net amount left for the construction of the gym was $11,498,493.80.In addition to that nearly $11.5 million for construction funds, the district was also awarded in $2,707,623 in state partnership money last December for construction of the gym and another  $138,714.14 to build a secure entrance to Rison Elementary. Combining the bond issue with the partnership money gives the district $14,206,117 to spend on the gym project.The exact cost of the gym is still to be determined since the final plans will soon be put out for bid. Should the cost come in below the $14.2 million that is available, the district has discussed possibly using any surplus money from the millage to renovate the interior of Rison Elementary.Once the resolution was approved Monday night, Holsclaw said the district should be receiving the nearl...