The Alexander City Board of Education authorized at Tuesday’s special-called meeting the issuance of three warrants for special local taxes totaling $63 million that will fund the city’s new Benjamin Russell.
Superintendent Dr. Keith Lankford recommended approving the warrants that have already been approved by the Alabama State Department of Education to reflect current rates and point of sale. Lankford presented the board with numbers indicating how quickly rates can change, which is why he recommended approving this now.
“There are multiple series of warrants that basically cover the debt the city was carrying previously,” Lankford said. “The bond allows for (Alexander City Schools) to pay off the debt over a longer span (than a bank loan).”
The bonds will go to market Thursday and lock in the their rates, which Lankford anticipates will be low.
The board also:
• Authorized the bid and purchase of a new air conditioner for the central office as the current one was damaged in the April storms
• Rescheduled its regularly scheduled board meeting from June 23 to 5:30 p.m. June 30
• Discussed developing plans for the CARES Act money, which must be spent on coronavirus-related issues and for future needs. Lankford said the board should have a budgeted plan by the next meeting.