Another step was taken Monday night toward securing a new bond issue to finance additional Elmore County Board of Education construction projects.
After lengthy debate, board members agreed to allow Merchant Capital to proceed with a $24 million bond issue for “United for Progress - Phase II.”
“I propose going full blast with the $24 million,” said Jeff Langham, superintendent of education. “Not only because of the projects that we’ve already looked at, but because of other projects coming our way.”
The other two bond amounts under consideration by the board were $20 million and $22 million.
Ken Funderburk of Merchant Capital said conservative projections showed that the board would be able to comfortably meet the payment on a $24 million bond.
“Part of our job is to analyze the revenues of entities planning to issue bonds,” he said. “We believe the current (board) revenues are more than sufficient for that amount, even without the new developments that will generate additional revenue.”
Funderburk said his team did not factor revenues from the new Bass Pro Shop or Target shopping centers into the equations, and both developments are expected to produce substantial income for the BOE.
Construction that is on the list of projects the new bond is expected to fund includes:
•A new gymnatorium for Stanhope Elmore High School (cost between $2.75 and $3.75 million, with an additional expense of $500,000 to $750,000 for traffic improvements and site work)
•A new school in the Millbrook attendance zone for third and fourth grades, currently designated as Coosada Intermediate School (cost $8 to $9 million).
•A new K-6 school in the Redland area (cost $9 to $10 million).
•Additional classrooms at Wetumpka Intermediate (4-6) to restructure the campus to Wetumpka Middle (5-8) (cost $2.5 to $ million).
The new bond is tentatively set to be issued for sale in May. The board’s last bond issue was the $20 million 2005 United for Progress bond.
Board members also established the salary for the next elective term of the system’s superintendent of education. The current salary for the post is $90,807 annually and compensation includes raises when the state mandates increases in teachers’ salaries.
The figure approved for the next superintendent term of offices is 10 percent above the Dec. 31, 2008 superintendent salary. With projected raises before that date, the pay rate will likely be slightly more than $100,000.
Board members compared that amount with neighboring systems, for example Autauga County with approximately 1,000 fewer students ($119,000) and Tallassee City with 1,300 less students ($102,000).
Board chairman Johnny Carothers noted that Elmore County is now the seventh largest school system in Alabama.
In other board business:
•Bruce Christian provided updates on current construction projects.
•Permission was granted for Elmore County High School to use a portion of its athletic appropriation for aluminum bench seating, steps and railings in the existing portion of the home football grandstand ($31,495) and for materials for bathroom and concession stand improvements ($31,261).
The next board of education meeting will be held April 16 at 5:30 p.m. in the Holtville Middle School Media Center.