FARMINGTON — The Farmington School District has approved a bond issue to pay for a football and soccer stadium, a concession stand, restrooms, a press box, and a separate track and field facility at the city’s new high school.
The 30-year bond issue is expected to generate more than $4 million for the district, School Board members learned recently. The board last week authorized issuing and accepting the bonds.
Superintendent Bryan Law said the money will be placed in the district’s capital improvement project fund. With the new money, the district expects to have about $9.5 million in the account.
The School Board last week accepted a bid of $1.13 million from Crowder Construction for site preparation.
Law said he continues to meet with the construction manager and architects to go through design plans and construction costs. School officials have realized that they want more than the district can afford.
“We’re going through it item by item and beginning to cut things back,” Law said.
It will take about four months to finish dirt work, which will give the district time to redraw plans, he added.
The district received four bids to purchase the bonds, with Raymond James & Associates, an investment banking firm, submitting the lowest interest rate of 3.3 percent, according to Kevin Faught with Stephens Inc. in Fayetteville.
The bond issue has a principal of $4.5 million, with $4.4 million available for construction. Faught said the difference will be used for fees and costs in issuing the bonds.
Farmington opened its $15.5 million Career Academies High School this fall.