The Marshall County Board of Education unanimously approved the sale of $6.5 million in bonds at a 1.9 percent interest for repayment to United Bank over the next five years Tuesday to partially fund the John Marshall High School Renovation Project.
According to the school district's business manager Nan Hartley, the district will receive a payment of $6,238,838 in January and will pay that amount plus interest back over the next five years.
Hartley said the county also received two other bids from WesBanco and BB&T, but said the WesBanco bid did not come in on time and the interest proposed by BB&T would result in an excess of the budgeted $6.5 million owed to the bank.
Photo by Sarah Harmon
Marshall County Board of Education member Tom Gilbert tries out a resistance band during a presentation on student physical activity during the meeting.
Hartley also told the board the West Virginia School Building Authority has been notified of the bond sale.
The SBA expressed concerns in October that the district had not sold the bonds in June as was stipulated in the board's funding agreement with the SBA for the project.
The board also read a proclamation of their intention to lower the county's levy rate from 98 percent to 94 percent for the 2015 fiscal year, saying the county expects to see an increase in property value when the board receives a report from the Marshall County Assessor's office in March.
"The percentage is based on what we know at this time," Hartley said.
In other business, the board unanimously approved to suspend a service employee for three days without pay.
Superintendent Michael Hince would not comment further on the personnel matter and did not provide the name of the employee.