Bonds not sold yet but construction begins on campuses
Sep 24, 2008 | 651 views | 0 0 comments | 6 6 recommendations | email to a friend | print
Resurfacing of the track at A.C. Jones, remodeling of the kitchen at Thomas Jefferson Elementary and replacement of the light and sound system in the high school auditorium will begin shortly.

Beeville trustees agreed Tuesday night to dip into the district’s reserve fund to finance the projects.

The board adopted a resolution that will allow the school district to spend up to $1 million of reserve funds on the projects, and reimburse itself with proceeds from the $12 million bond sale planned for August.

A representative from Southwest Securities, which provides the school district with investment advice, said BISD may be eligible for a state lucrative school construction grant.

Victor Quiroga recommended the school district delay the sale of bonds until August to see if it will get the state grant.

Trustees did not vote on thematter but seemed willing to follow his advice.

Quiroga said he expects the school district to get a good interest rate on the sale of the bonds, maybe under 5 percent.

Within 30 days of the bond sale, proceeds of the sale will be deposited in the school district’s construction account.

That’s important because the faster the money is deposited in the account the faster the school district can begin earning interest on the $12 million.

Quiroga said the interest earned on the money in the construction account will help pay for the sale of the bonds.

BISD voters approved the bond sale in May.

The bonds will be repaid with tax dollars.

The bonds will pay for districtwide improvements, including the resurfacing of the high school track.

BISD Athletic Director Chris Soza told trustees in the past that A.C. Jones High School cannot hold a track meet because other schools do not want their athletes running on the worn out track.

The bonds will also pay for the remodeling of the Thomas Jefferson Elementary School cafeteria. The campus used to be a middle school, which housed students in grades five and six. However, the campus was turned into an elementary campus last fall, and now houses grades one through five.

The additional students made the expansion of the cafeteria necessary.

The sound and lighting system in the high school auditorium has been in need of replacement for years and project planners hope to have it replaced in time for One Act Play this coming school year.

The bonds also will pay for new classrooms at Moreno Junior High School and new entry ways at other campuses.
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