News Talk 94.1/AM 1600 Where The Upper Cumberland Talks
Overton County Schools will move forward with Livingston Academy’s multi purpose football stadium.
The board of education approved a 12 year $8.9 million bond to pay for the project. The option chosen for the new facility has the new field behind the softball field with a track. Building Committee Chairman Mike Hayes said the next step is to seek approval from the county commission.
“I am very excited,” Hayes said. “Like I said in the presentation, we are just going to basically ask them to use our fund balance to make our payments for five years. We are not asking for any additional money from them or any tax increases or anything.”
Under the bond, the school system would pay $780,000 yearly. Hayes said choosing the 12 year bond allows the school to borrow money after 2025 to build more classrooms at Rickman Elementary School. Hayes estimated the school will need at least eight new classrooms by 2031.
Overton currently pays for two other bond payments. First, bond 2025 costs $920,000 and will be payed off after 2025. By the time this bond is paid, the energy saving bond will only have $1.8 million remaining and may be paid off if the board chooses. The school system would then only have the $780,000 yearly payment for seven more years.
“Going with the 12 year bond, it gives us the flexibility to borrow $7.8 million after five years and gives us the flexibility to borrow another $13.2 million after 10 years.”
The school system’s current fund balance sits at $9 million with a yearly average growth of $570,000
The current facility will be usable during construction of the new field. Hayes said the existing bleachers would be the first structure to be torn down.
