The Carter County Commissioners followed up on an agenda item earlier this month, and approved the authorization of the Carter County Public Facilities Authority to incur the indebtedness for a property tax for Ardmore City Schools not exceeding $22 million.
Had the school issued the bonds itself, it would have faced restrictive construction guidelines because of the availability of funds. Superintendent Sonny Bates said in a prior interview, the district's limit for indebtedness is 10 percent, which would have meant the school could only receive a small portion of money. Going through the county allows the school to receive its full funding by November, and it will not place a financial burden on the county.
The commissioners approved the item contingent on a reserve fund being struck from the agreement. The issue had been a sticking point for County Commissioner Kevin Robinson during a presentation by J.C. Leonard, McDonald & Associates during a July 8 meeting. The reserve fund would have been in place as an emergency plan should the school need to weather financial downfall in service payments through the tax.
Robinson said J.C. Leonard, McDonald & Associates looked into the matter, and the reserve fund was not needed because the county's credit rating is high. Commissioner Joe David McReynolds also said the waiver of competitive bidding would not have an impact on the bonding issue.
In other commissioner action, a bid for petromat fabric from Overland Corporation was accepted. The bid quotes a price of $1.05 per square yard for petromat fabric reinforcement, and $3 per gallon for binder oil for the fabric. The fabric mat is used for road construction.