GCISD Rethinking Bond Financing
The GCISD board on Feb. 6 decided to wait for better financial information before deciding whether to use bonds to pay for capital improvements which seem likely to cost between $3 and $4 million. The board’s decision to wait for more information came after hearing Jeff Roberts of Southwest Securities explain several possibilities regarding bond financing. The board has until March 13 to call for a bond election in May.
The board has been planning on using money raised from bonds rather than money from its reserves to pay for the improvements, because of possible advantages to taxpayers. Bond experts have told the board that the school district would be able to avoid payment of “Robin Hood” recapture on taxes levied to pay off voted bonds, thus keeping in-district the tax dollars raised for the repayment of the bonds. In addition, if properly structured, the board has been told that bonds could raise the necessary funds without causing an increase in the present tax rate. However, new information puts tax advantages into question, and the board decided to wait for more precise financial data that will show whether bond financing is, in fact, beneficial to taxpayers. When this information is available, the board will decide how to pay for the improvements.
There will be a special school board meeting Feb. 27 at noon to review new financial data.
The board approved Bill Slavik as a possible architect for the capital improvements project, but, at the suggestion of board member Carl Hoelscher, decided to compare his fee with other architects, and possibly negotiate it before deciding to use his services.
Hoskins’ Contract Extended
The board added one year to Ken Hoskins’ contract as elementary principal/athletic director and to Counselor Kristin Hughes’ contract. Hoskins’ salary is $57,500; Hughes makes $42,280. At an earlier meeting, the board had extended Superintendent Steve Long’s contract for a year and gave him a raise of $1,500, making his salary $76,500. Board action regarding teaching and coaching contracts and the secondary principal’s contract, will come at a later meeting.
In other action, the board approved an emergency plan for the school and a wellness and health services policy, and at a meeting Feb. 13, approved the official 2006-2007 school calendar.
Editor’s Note
As yet, the school board has made no final decisions regarding whether to call for a bond election to finance capital improvements, how much money would be proposed in such an election, nor exactly what projects would be included. Also, after these decisions are made, all work will be put out for competitive bids, with the board awarding all contracts and having the final decision on how, or if, money is spent.
There will not be another print edition of the Glasscock County News prior to the March 13 deadline for calling a bond election to be held in May, although there may be a special edition available only to our e-mail subscribers.