Bid notices are being posted today on the first sale of the Lone Grove school district’s $9.9 million bond package.
Following up on Tuesday’s election to continue a four-phase building program, the board of education met in special session Thursday to complete requirements to sell $600,000 from the issue on May 29. This first sale will finance nine new elementary classrooms, remodel existing classrooms and facilities and enlarge the cafeteria.
School officials gave the elementary phase priority to accommodate student growth at the primary and intermediate levels. Construction is scheduled to start in January.
Financial consultant David Vernon said the quick sale “will take advantage of today’s bond market.” Additional funds will be released to construct a gymnasium and auditorium in the ensuing two years.
Before going to consideration of a resolution determining the bond maturity and setting dates, time and places for bond sales, Vernon briefed the board on the district’s bonding capacity.
Future bond sale dates after May 29 are planned on June 24, July 7 and July 30. Vernon said a Series B new issue sale may be necessary in December.
