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July 2, 2014

School board issues bonds

GREENVILLE — If all goes as planned, the Greenville Independent School District School Board of Trustees will have funds from the bonds in their account by the end of the month.

The School Board of Trustees voted yesterday to authorize the issuance of the $72.25 million bond that was passed on May 10.

Upon approval from the Texas Attorney General’s office and the Texas Education Agency, the district will have the funds available on July 31.

Currently Greenville ISD has an Interest & Sinking (I&S) tax rate of $.1404 and an Maintenance & Operations (M&O) tax rate of $1.04 combining as a total tax rate of $1.18. The new I&S rate is expected to be set at $.32, which will lead to a $1.36 tax rate, $.035 lower than the original projected tax rate of $1.395.

According to Jeff Robert, with First Southwest Company, he was expressly conservative in his estimates.

“All in all we were very pleased,” he said. “We were purposefully conservative with our tax rates.”

Greenville ISD is one of the first of many school districts in Texas to approve the issuance of their passed bonds this year, which Robert said led to the low interest rate of 4.07 percent.

“We are pleased with that,” he said. “It is below what we had looked at.”

The board was also quick to approve the selection of a construction manager at risk for the construction and renovation services included in the bond.

Bartlett Cocke General Contractors was selected as the construction company that will oversee the expected two-year construction project.

Scott Listen, Regional Manager for the north Texas area, will oversee the entire project with Walter Roy the project manager of the Bowie Elementary School construction, and Mike Parkos as project manager of the career and technology center and other various renovations.

Greenville ISD Chief Financial Officer Billy Myers said the Bartlett Cocke has a history of constructing temporary campuses, which was taken into consideration since students at Bowie will be in a temporary campus behind Lamar Elementary School.

The company also has a long history of constructing K-12 campuses, which Myers said led them to hire the company out of the eight contractors that applied.

“They had done their research when they came in,” he said. “We’re excited and I know they’re ready to get to work.”

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