Parkland School Board oks borrowing $10 million for capital improvements
The Parkland School Board approved a resolution at its meeting Tuesday night to begin borrowing more than $10 million for capital projects throughout the district.
The money will be used to improve and build additions onto Kratzer Elementary School, make technology infrastructure upgrades and computer purchases throughout the district, purchase buses, make energy audits, build additions and make improvements to other buildings and facilities in the district, and pay issuance costs and expenses.
The board approved the district’s financial team to begin moving into the market of issuing general bonds in the maximum amount of $12 million to fund these capital projects. According to the board, the expected useful life of these capital investments is between five and 20 years.
The investments expected to be made to Kratzer Elementary are the most expensive in this round of projects, being estimated at more than $4.2 million. The other district-wide additions and improvements are estimated to cost $3 million, the technology infrastructure will cost over $1.8 million, and the cost to purchase more buses for district-wide use is approximately $750,000.
The board unanimously approved the issuing of the bonds for private sale and the projects are expected to begin construction in April of this year.
Copyright 2013 WFMZ. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.