BV board OKs issue of bonds for project contract

Friday, November 24, 2017

The Berryville School District will soon begin issuing bonds for its construction project.

Dan Lovelady, representing First Security Beardsley, spoke to the Berryville School Board at its Tuesday meeting about the bids received for the sale of bonds, which will be used to fund the $24 million construction project. Lovelady said Raymond James and Associates Inc. was the low bidder with a 3.51 percent interest rate.

The board voted to accept the bid from Raymond James. Superintendent Owen Powell said the first series of construction bond issues will generate about $9.9 million, and the second series, which will go up for sale in February, will generate a little more than $3 million. The bonds will be prepared by Friday, Eldredge and Clark, LLP, in Little Rock.

“First Security Beardsley projected an interest rate of about 4.26 percent for our bond sale,” Powell said. “The bid from Raymond James came in significantly under that, so the district is projected to save about $1.5 million over the life of the bond. It’s a great deal for our district.”

The board also voted to submit a letter of intent to Ace Sign Co. about pursuing a potential partnership with the company, which would supply the district’s scoreboards and video boards for sporting events. The letter of intent is non-contractual, and the board has requested the company submit more information on the potential partnership.

Also at the meeting, the board voted to accept the retirement of Jacque Phillips.

The board’s next regular meeting is scheduled for 6 p.m. Monday, Dec. 18, in the Intermediate Cafetorium.

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