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Funding sources and bid packages for Middle School renovation project finalized

By Eugenia Jones

The McCreary County Board of Education met in a special called meeting on August 11, 2022 to discuss and take action on the District’s bonding capacity for the McCreary County Middle School renovation project.  After reviewing three options presented by Kelly Mrsic, Director Public Finance Banker, the Board voted to approve Bonding Option 3.  Of the three options presented, Option 3 is calculated with the District paying maximum ESSER III Funds (federal funds received by the District due to COVID) in the amount of $7,782,234.  By using the maximum amount of ESSER III Funds, the project requires the District to only bond $5,335,242.  SFCC Bonds ($519,758) and the SFCC cash requirement ($15,583) round out the sources of funding for the project.

Initially, the McCreary County Board of Education hoped to avoid all bonding for the renovation project.  However, skyrocketing inflation caused the total cost of the project to jump from an estimated $8 million to approximately $13 million.  

Board member Lori Foster noted a significant savings in interest by choosing Option 3.

Board members also approved the final three bid packages for the Middle School renovation project.  With all bid packages now approved, construction is basically ready to begin.

In additional business, the Board approved a salary schedule change allowing certified bus drivers to receive the same amount of pay as classified drivers.

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