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Richmond County school board approves $130 million bond sale

Wednesday, May 9, 2012 8:02 PM
Last updated Friday, May 11, 2012 1:27 AM
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The Richmond County Board of Education approved the sale of $130 million in bonds Wednesday, which will generate revenue to begin construction projects under phase IV of the Special Purpose Local Option Sales Tax program.

The district can use money generated from the bond sale to begin the projects rather than wait for money to trickle in over the next five years under the 1-cent sales tax, board President Alex Howard said.

The school system had its underlying credit rating upgraded by Standard & Poors from an A+ to an AA-, a good score that affects the rate and amount of interest that must be paid and whether bonds can be sold for more than face value, board attorney Pete Fletcher said.

Because of a good credit rating, the interest rating to the school system is 1.16 percent, a historic low, he said.

While the school system will issue only $130 million in bonds, the dollars obtained higher than the bond’s face value and good credit will result in $143 million in cash for construction.

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DuhJudge
206
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DuhJudge 05/10/12 - 06:34 am
2
0
$130 million more? What was

$130 million more? What was the high school graduation rate again this year? The education industry is just like the justice industry. Building castles to camouflage the failures inside. Strange consequence of teaching liberal arts to everyone.

Dr. Craig Spinks.Georgians for Educational Excellence
106
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1
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DuhJudge, You possess

DuhJudge,

You possess Solomonic wisdom.

New school buildings, devastating graduation rates, appalling academic skill levels, more furlough days, almost $4M in Pete Fletcher's pocket since FY04: Business as usual at the RCBOE.

Little Lamb
49092
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Little Lamb 05/10/12 - 06:45 am
1
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Exactly

Thanks, DuhJudge. They could raise some money be selling off surplus properties at auction — and the sale would put the properties back on the property tax rolls.

ohcanwesee
20
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ohcanwesee 05/10/12 - 10:43 am
0
0
Richmond County BOE needs to

Richmond County BOE needs to stay with teaching our children the fundamentals, spelling especially since no one seems to be able to spell. (Million is not spelled with three L's). And with a 23 Million shortfall next year, the RCSS has run amok and lost the whole reason ( Teaching our Children fundamentals reading, writting and math.

countyman
21632
Points
countyman 05/10/12 - 11:10 am
0
0
Richmond County is the

Richmond County is the largest district by far in the CSRA, and probably the largest outside of metro Atlanta... For all we know $130 million maybe exactly what's needed for the district...

Why should every school in RC be punished due to the actions of some? Why shouldn't students at Josey, Collins, Laney, Jenkins-White, Murphy, etc have the same resources compared to students at Freedom Park, Monte Sano, Westiside, ARC, Davidson, AR Johnson, Nationals Hills, A Brian Merry, etc??

People never seem to question why is CC or AC building new schools when you can look at the scores of schools located in Grovetown and Harlem, or Ridge Spring at Wagener Salley...

I'm not defending the RCBOE because we definitely need more progressive leadership.. I still don't think it's fair to expect them to work miracles in the inner city of Augusta(specifically Laney and Josey), but other counties can't fix the cultural problems in terms of suburban/rural schools..

Little Lamb
49092
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Little Lamb 05/10/12 - 11:46 am
1
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Why?

Shouldn't the editor have told Ms. McManus to go find a school board member and obtain a list of projects that the $130 milllion is proposed to be spent on? Inquiring taxpayers want to know.

Little Lamb
49092
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Little Lamb 05/10/12 - 12:02 pm
1
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Replace Padgett

Countyman wrote:

I'm not defending the RCBOE because we definitely need more progressive leadership.

You got that right!

Dr. Craig Spinks.Georgians for Educational Excellence
106
Points
1
0
(C)ountyman, Who's expecting

(C)ountyman,

Who's expecting miracles? Reasonable people expect any reputable school system to make good faith efforts to help ALL its students learn what they'll need to know to function as citizens and to provide HS diplomas only to those who demonstrate such knowledge. Nepotism and other forms of cronyism as well as the lack of professional commitment among many employees stand between the RCSS and good repute as a school system, SACS accreditation notwithstanding.

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