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Smyrna/Clayton Sun-Times
  • Smyrna School District approves bond anticipation note resolution for referendum funds

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  • PREVIOUSLY REPORTED The Smyrna School District current expense and major capital improvements referendums were approved in February.
    The major capital improvements referendum will allow for renovations at Smyrna Elementary, Clayton Elementary, North Smyrna Elementary, John Bassett Moore Intermediate School and the Thomas D. Clayton Building; the cost to the district totals $4.8 million, which is 33 percent of the total $14 million cost. The state will pick up the remaining cost.
    The current expense referendum was for $1.5 million.
    The total first-year impact of the property tax increases will be about $85 for a home with a market value of $200,000.
    An architectural firm – Fearn Clendaniel – was chosen in June to be the architects for the major capital improvements that will be done.
    WHAT’S NEW The Smyrna School Board approved a bond anticipation note resolution at the July 16 school board meeting
    Smyrna School District Finance Director Jerry Gallagher said the state will go to the bond market later this year at which point the bond will be converted to money.
    “The state will give us enough money in the first year to do standalone projects such as card readers, security cameras and then start the architectural design work for the bulk of the projects that will be done next year,” Gallagher said.
    He said the district will have to do another resolution for the bond next year to get the remainder of the money for the projects. The local share the first year is $1.2 million while the state share the first year is $2.5 million.
    “I don’t anticipate them stretching the funds out any longer. We asked to get it over two years,” Gallagher said.

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