Farmington Seeks To Refinance For School Construction Projects

BOARD ALSO APPROVES RECONFIGURING GRADES

— For the second time in less than a year, Farmington School Board is going back to voters to ask for more money for campus construction projects with new bond issues.

The School Board voted last week to place a question on the ballot asking voters to allow the school to restructure and refinance five bond issues that would bring in an additional $9 million that can be used for Phase 3 of the new high school campus and improvements at the old high school.

If approved, refinancing the bond issues would not require a millage increase.

The question will be on the May 22

preferential election ballot.

Kevin Faught with Stephens Inc., of Fayetteville, said the district’s annual debt payment would not change much with the new bond issue but the new maturity date for the debt would be extended another 30 years to 2048.

Board members discussed two options presented by Faught, to restructure and refinance existing bond issues or ask the voters for a millage increase of 1.6 mills. A millage increase of 1.6 mills would have supported a $5 million bond issue.

Bryan Law, superintendent of schools, said the district’s capital improvement fund for construction projects has about $9 million in it. The district is about $3 million short of having the money to complete Phase 3, which includes a football/soccer stadium, concession stand and bathrooms, separate track and field facility, bleachers and press box.

The school has taken several items out of Phase 3, such as a new indoor practice facility, because of money.

Board member Doug Williams said he’s hearing people say they want the district to finish the high school.

Law said he’s gone back to the Phase 3 construction management company to see what it would cost to put some of the items back into the budget.

After the meeting, Faught said the five issues that would be refinanced total $19.9 million. They are $460,100 from a 2007 bond issue, $490,000 from 2010, $865,000 from 2011, $9.8 million from 2012 and $7.9 million from a 2013 bond issue.

If voters approve the request, the district would offer a new bond issue of $29 million, which includes $9 million in new money.

Law said the new money would allow the district to finish most of Phase 3 (or possibly all of it), tear down the oldest gym and oldest wing at the former high school and then maybe enough to build a new wing for classrooms at the old high school.

In September, voters approved a request from Farmington School District to allow it to extend debt and issue $4.5 million in new bonds to help pay for Phase 3.

A new wing at the former high school will be part of a reconfiguration of fourt-heighth grades for the Farmington district.

The board approved this reconfiguration at its March 12 meeting.

Ledbetter Intermediate School will close as a school for now and fourth and fifth grades from Ledbetter will move to Lynch Middle School. (It’s possible Lynch will be called an intermediate school).

Seventh- and eighth-graders at Lynch will move over to the former high school and the district will open a junior high for seventh-ninth grade.

In other action, the board approved one-year contracts for administrators and approved a two-year contract for assistant superintendents Terri Strope and Stephanie Pinkerton.

It also accepted a low bid of $7,819 from All American Services for mowing services at the new high school.