COLUMBUS, Ga. – School officials in Muscogee County made a quick decision Monday night to help safeguard having enough money for future work like building a new Spencer High School. To say “help safeguard” is a misnomer. Remember, the authority to issue, up to $70M , bonds was granted by the voters when they passed the referendum last March. The tactic of issuing debt prior to the tax monies being collected will allow the District to fast-track projects that, otherwise, would be delayed until sufficient tax proceeds had been collected.
At their called meeting, the Muscogee County school board voted 6-2 to validate the general obligation or GO bonds. This was approved by the public in a vote last March, related to the special purpose local option sales tax or SPLOST.
It allows the school district to go into debt up to $70 million to ensure they have enough money available for projects they promised to do. See above; remember that we anticipate raising $192M over the 5 year period. The point is to begin capital improvement projects more quickly.
“School district administrators will drip that out over time,on an as-needed basis, so as not to draw down a bunch of debt and begin incurring interest expense,” school board chairman Rob Varner said.
Muscogee County’s school board chairman says they’ll do the best job they can while trying to pay the least amount of interest possible. The validation for bonds, again approved Monday night, now goes to the district attorney.