By Derek Spellman
dspellman@joplinglobe.com
SENECA, Mo. — A mixture of interest-free and low-interest bonds will save the Seneca School District an estimated $2.5 million over the next 15 to 20 years.
Voters in November authorized almost $10 million in bonds for construction of a new, 39,800-square-foot intermediate school behind the existing elementary school and for additions to the existing high school.
Last week the district received word that it and 32 other school districts across Missouri qualified for special interest-free bonds available under the federal stimulus act. Seneca’s share will be more than $6.1 million, enabling those bonds to be paid off in 15 years.
The balance of the project cost will be paid off with “Build America” bonds, a separate bond program created by the stimulus act that will enable the district to recoup some of its interest payments through a direct federal subsidy. Those bonds would be paid off over 20 years.
“It’s going to be quite a deal,” said Superintendent Rick Cook.
Seneca’s bond proposal carried an 85-cent levy hike that would mean an annual tax increase of $161.50 on a $100,000 house in Seneca. The district’s current levy stands at $2.75 per $100 of assessed valuation.
The bonds will not affect the levy increase, Cook said, although they will provide some “debt relief” for the district.
The new intermediate school would house grades four through six and have almost 360 students in 2010, while the elementary school would have more than 480 students under the new arrangement. The district has also been approved for a $1.5 million federal grant for a 13,600-square-foot storm shelter that would be built near the intermediate school, and that could double as a new gymnasium.
The additions to the high school will house a new library and media center, a new cafeteria-commons area and a new gymnasium-auditorium.
Cook said all of the projects — the intermediate school, shelter and high school — will be bid as one project.
The district received word Friday that the federal grant money was now available. The district could begin seeking bids this week.
“They (the architects) feel like the bidding process will be very competitive,” Cook said.
The new intermediate school will take an estimated 11 months.
The special interest-free bonds make it easier for schools to finance projects, because they don’t have to pay interest to the bondholders. Instead, those who purchase the bonds receive federal tax credits.
The Associated Press contributed to this report.
By the numbers
A total of 33 Missouri school districts will be getting $141 million in interest-free bonds under the federal stimulus act. All 33 school districts that applied got a prorated share of the money. Another round of interest-free school bonds is expected next year.
Source: The Associated Press
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