In a brief meeting Monday evening, the Alvord ISD trustees unanimously approved issuing $1.8 million in tax maintenance notes at an interest rate of 2.7 percent.
The notes will be sold on April 30. The parking lots and driveways, which will cost an estimated $950,000, are due to be installed over the summer while school is out.
The money will also pay for two school buses, upgrades to campus security and a list of items approved by the board.
“Obviously the paving is the purpose for the bulk of the maintenance tax notes,” Superintendent Bill Branum said Friday afternoon. “The advances in our security program, lighting and flooring and the sound system in the high school gym – these things will in fact occur immediately.”
The money will all come in at once and will be invested, earning a little interest before it is expended on the projects and purchases. A little more than $130,000 will go to reimburse the district’s reserve funds for purchases that have already been made.
EIKON Consulting Group, an engineering firm out of Sanger, was hired to draw up specifications on the paving and will oversee quality assurance during construction.
The debt, which does not require voter approval, will be repaid over the next 15 or 20 years with regular maintenance and operations funds – an estimated $85,000 a year.
The board also approved the issuance of time warrants at a rate of 1.8 percent. Those are paid back over a four-year period.