By Adam Studzinski
NORMAL – Unit 5 is moving forward with the sale of bonds to help pay for life safety projects, despite not being approved for what would have been near-zero interest bonds.
The Board of Education on Wednesday approved the sale of up to $21 million in general obligation bonds. Finance Director Marty Hickman explained it’s not likely the amount of bonds actually sold will climb that high.
“Plan B has always been to do a lower amount,” said Hickman. “So our intentions at this time would be to go with a $10 million health-life safety bond issuance. There is potential we could do an additional $3 million as well.”
Hickman said Unit 5 has about $30 million worth of needs in the district’s buildings.
“This is just a start,” said Hickman. “The projects range from roof replacements, to replacing water piping in some of our older schools, to renovating the HVAC systems in some of the schools.”
The bonds will likely carry a 10 year payback period.
Adam Studzinski can be reached at adam.studzinski@cumulus.com.
