Board members approve SPLOST bond sales, renew Apple lease agreement

The Polk County Board of Education voted last week to approve the sale of bonds for the 2015 Education Special Purpose, Local Option Sales Tax approved by voters during the May primary election.

The board unanimously voted – with only Terry Estes absent on a summer trip – to approve the bond sale through Raymond James and Co. with a annual yield rate of 1.45 percent.

Bill Camp with Raymond James said the bond sale was conducted with a floating percentage rate between .67 percent and progressed yearly to 1.88 percent on their interest yield.

“Rates are low right now, so there’s not a lot of competition out there,” he said. “Historically, rates have been higher.”

The bonds will cover the initial $12.5 million the school board plans to collect with the SPLOST to go toward the beginning of new construction and renovations at four different campuses in Polk County, along with the purchase of iPads for students. Principal payments will begin in 2017, and the interest is scheduled to be fully paid back by 2021.

The board also amended the agenda and approved two more resolutions last week, one to place the board in the state’s Intercept program should the school system be unable to pay back bonds in the program, and for the board to recommend to the Polk County Board of Commissioners to levy funds from ad valorem taxes should the school board default on the bonds.

Both were required in order for the bond sale to be approved.

The two items added to the agenda were also approved unanimously.

Board chair Jane Holbrooks thanked those who worked to ensure the bond sale went smoothly. The bonds will remain for sale on the market through August 7.

“I think this is the most informed I have ever felt as a board member regarding a SPLOST project,” she said.

The board also approved a motion to renew the lease agreement with Apple Computer for the use of iPhones and iPads by teachers. Board members also voted unanimously on the issue.

Board chair Jane Holbrooks also reminded the public they are welcome to attend any board meeting that is called, and encouraged them to do so.