The Knoxville School Board approved necessary documentation to finalize the sale of approximately $26 million in general obligation bonds for the Knoxville Middle School project.
There were seven firms who bid for the bonds, with KeyBanc of Columbus, Ohio, as the successful bidder. The bond was resized to $25.46 million, with a true interest rate of 2.12 percent. Net interest cost for the project is a little over $7 million.
Each year, payments on the bond will total $1.77 million. Travis Squires of Piper Sandler told the board that this was a “great sale”. Interest rates are locked in and fixed.
In other board action, approval was given to purchase iPads for each K-2 student at West Elementary. As reported, the cost will be $77,782.25 for 200 iPads, 25 charging stations, along with headphones and cases. The district plans to use a portion of the $210,000 it received from the recent CARES Act.
West Elementary Principal Ryan Klein explained that this will enable the district to provide equal opportunity to all students. The district has been in talks with Marion County, the City of Knoxville and local Internet service providers to explore what can be done to ensure that every student can utilize the Web, should another extended break in the school year take place in the future.