2009-06-04 / Front Page

BOE finalizes construction loan, accepts bid for new field house

In a called meeting Monday, the Wilkes County Board of Education officially approved the terms of the $5 million construction loan and accepted a bid to build the Tiger field house at the new school complex.

The board finalized the terms of the loan agreement with Farmers and Merchants Bank of Washington for a $5 million, 20-year loan at four percent interest with an option to renegotiate after 10 years.

"We do appreciate Farmers and Merchants' help with this project through the years," Chairman Ricky Callaway said. "We couldn't have done it without them. We know how good this interest rate is, and we sincerely want to thank Jack Harvey."

The board voted to authorize Superintendent Joyce Williams and Callaway to sign the loan agreement.

Callaway pointed out that the loan would be repaid from monthly collections of the Special Purpose Local Option Sales Tax. "As long as the SPLOST is approved, this will be paid through sales taxes."

The board also accepted a bid of $420,986 from Two-State Construction in Thomson to build the planned Tiger field house for the new high school/middle school complex. After discussing the amount of reserve funds they felt they needed, and the option of using general fund money for the project, the board agreed that the field house should be financed through construction money and repaid with SPLOST money.

Williams said that she would communicate with the winning company that time was of the essence concerning completion of the new field house.

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