The Alexander City Outlook

Coosa reopens bond issue debate

The Coosa County Board of Education’s plan to move forward with the development of a new gym and cafeteria for its K-8 school slowed significantly Tuesday after meeting with the Coosa County Commission.

The change in pace came at the request of commissioners, who asked the board to seek plans from multiple investment firms to manage bond sales for the funding of the project. They had previously only considered one investment firm, The Frazier Lanier Company, to manage bond sales, but commissioners felt other investment companies should be considered as well.

“When the public comes to us with questions, I want to be able to say they selected the best possible firm to do this,” Commissioner Unzell Kelly said. “I want to make sure due diligence has been done.”

Prior to the commissions request, the board had only sought advisement from The Frazier Lanier Company, which is based in Montgomery. Robert Young represented the company, which has advised more than 30 school boards across the state, at the meeting.

“The only thing we want is the lowest possible interest rate for our client,” Young said.

Frazier Lanier was initially selected at the request of Assistant State Superintendent Warren Pouncey, who has worked with the company on several occasions.

“This firm, in my personal opinion and in my professional opinion, has done an excellent job,” Pouncey said. “They have always been one who has came right out front and walked step in step with the state.”

The board will now consider investment companies in addition to The Frazier Lanier Company. Board members said they would officially select a company by August to move the construction project forward.

“These are some things we had to work out and now were headed in a direction,” Board President David Edwards said at the conclusion of the meeting.