Decaturish reports that the Decatur School Board unanimously approved borrowing $18 million in the form of Certificates of Participation last night to build additional classrooms and a new cafeteria. Part of the money will also be used to plan for a Renfroe expansion. As previously reported, CSD is using the elementary schools as collateral to secure the loans.
Also interestingly from Decaturish…
[CSD financial advisor Dianne] McNabb said the system would’ve likely received a better interest rate through a general obligation bond. City Commissioners in August voted unanimously to postpone putting a bond referendum on the ballot until November 2014.
McNabb said the reason for the higher interest rate is COPS financing is considered a higher risk.