The Starkville-Oktibbeha Consolidated School District is set to issue up to $16 million in bonds to renovate existing facilities and construct a partnership school with Mississippi State University, which will help solve post-consolidation overcrowding issues and establish a rural education center.
School board trustees unanimously voted to move forward with the issuance during a meeting Friday after no challenges emerged against the tax-neutral move.
Trustees will discuss additional details of the bond — if the board will break it up into multiple issuances and how long its associated debt service will take — next month.
Bond attorney Jim Young said the board could accept bids and sell the bonds in July, and have the proceeds in the bank by August.
SOCSD Board of Trustees President Jenny Turner said Friday’s step forward was “a historic day, not just for us but for the whole state.”
At least $10 million is needed locally to construct the grades 6-7 partnership school at MSU’s campus after the university pledged $10 million — most of which involved a land donation — toward the $30 million project.
SOCSD’s bond issuance will utilize expiring millage for debt service, which will keep taxes level, said Superintendent Lewis Holloway. Approximately 2.9 mills are set to roll off the books later this year since the district will pay off the debt generated by previous bonds.
While serving all Oktibbeha County sixth and seventh graders, the partnership school will also provide real-world experience for future educators.
Construction is expected to conclude in time for the start of the 2018-2019 academic year.
Holloway said the district needs to engage with architects this summer and discuss initial dirt work so the project can stay on schedule. Renderings and designs, he said, could be presented in July.
State lawmakers previously allocated $5 million toward the project, but language in House Bill 1729 required the school district to pledge its own funding before the state would commit an additional $5 million.
The bill was signed by Gov. Phil Bryant on May 17.
Friday’s resolution also allows bond proceeds to purchase equipment and technology for the new school; fund renovations for Overstreet Elementary School, which will house fifth graders; make districtwide renovations and repairs; and address roofing needs on SOCSD buildings.
Remaining funds will go toward other projects to help SOCSD accommodate the state-mandated consolidation.
Trustees also unanimously approved a resolution Friday authorizing bids for repairing Sudduth Elementary School’s roof.
Carl Smith covers Starkville and Oktibbeha County for The Dispatch. Follow him on Twitter @StarkDispatch
You can help your community
Quality, in-depth journalism is essential to a healthy community. The Dispatch brings you the most complete reporting and insightful commentary in the Golden Triangle, but we need your help to continue our efforts. In the past week, our reporters have posted 37 articles to cdispatch.com. Please consider subscribing to our website for only $2.30 per week to help support local journalism and our community.