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IM school ready to sell bonds

March 12, 2013
The Daily News

By LINDA LOBECK

Staff Writer

IRON MOUNTAIN - Following voter approval of a bond proposal on Feb. 26, the next step taken by the Iron Mountain Public School Board of Education was to approve a rather lengthy resolution at Monday's meeting.

This resolution starts the process for the sale of the bonds - which will go out within the next month and a half. The school district will be selling qualified bonds, which are open for sale to the public, said Supt. Tom Jayne.

He added that the sale should be complete by May 8, and the school district should have the funds by May 29. The school board and administration will be meeting with representatives of the contractor Gundlach Champion and OHM, the architecture firm this week to start the planning process so the district moves forward on the projects listed in the bond proposal.

"The way they sell the bonds is that if you borrow less than $10 million a year, you save a great deal on the tax and interest. We will be splitting up the $9.5 million from the bond by selling $8.5 million now and another $1 million next year. The district has already borrowed $1 million this year due to a shortage in funds," Jayne said.

By selling the bonds in this way, it is estimated that they will save the taxpayers of the school district $600,000 in interest and tax.

"And through the life of the bond in the next 18 years, this will lower the millage slightly as we move forward. It's good to be able to get an initial savings right off the bat with this process," he said.

The schedule for the bond projects will be known in April and more information will be released at that time, Jayne added.

Under facility repairs and improvements, the bond proposal includes fixing leaking roofs; renovating to add space for classrooms, restrooms and storage; finishing auditorium renovations and improving the outdated plumbing and phone systems.

In the areas of technology, they are looking to provide infrastructure and user devices to make sure the school district is ready for the future.

An upgrade to the fire alarm and security systems and more outdoor lighting are also planned.

The plan is also to have efficiency improvements that will save money and reduce energy use by replacing inefficient heating systems, lighting and windows.

Schools officials estimate that replacing the boiler will alone save the district more than $150,000 a year in increased efficiency and decreased repairs.

In other action, the board:

- Approved changing the board meeting date in April from April 8 to April 15 at 6 p.m. in the board room of the administration building.

- Recalled a part-time custodian, Gary Lundquist, back to work six hours a day at the high school.

- Accepted a resignation from part-time custodian Adam Laydon.

Linda Lobeck's e-mail address is llobeck@ironmountaindailynews.com.

 
 

 

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