School board OKs bonds for campus improvements
Posted: October 22, 2009 at 7:21 p.m.
The Fayetteville School Board gave the go-ahead to district officials to take out $52.3 million in bonds through a special low-interest bond program offered by the Arkansas Department of Education during its regular meeting today.
The administration has recommended using $45.3 million for improvements to the high school and setting aside $7 million of the bonds on the pending Happy Hollow Elementary School project.
Chief Financial Officer Lisa Morstad said the district should receive the bonds by March 2010.
Pursuit of the bonds through the program comes following the district’s failed millage election last month. The district had sought a 4.9-mill property tax increase to build a new high school on the current site, but the request was rejected by voters.
Morstad suggested the bonds could be paid back through budget cuts.
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