Federal assistance coming
Through federally sponsored financing techniques, a Qualified Zone Academy Bond in the amount of $2,000,000 will be issued to Vance County Schools next year.
The bond, offered as part of the American Recovery Reinvestment Act of 2009, was made available in 2010 to enhance facilities in high poverty school districts.
“The bonds have not been issued they will be issued in February,” said Jerry Ayscue, county manager. “If the market conditions are right then you can get those where it’s a no interest financing arrangement for counties.”
According to Steven Graham, finance officer for Vance County Schools, the county will only be required to pay back the principal amount of $2,000,000.
“With this particular bond offering the federal government is going to be paying the interest,” Graham said. “The bond allows for interest subsidy payments from the federal government.”
Requirements of the bond order Vance County Schools to commit ten percent of the funds to a project within six months. All proceeds from the bond must be spent within three years.
Over ten percent of the bond has already been committed to provide a major roofing replacement project to Vance County Schools.
Aycock, Dabney, and Zeb Vance elementary schools are all slated to receive new roofs in 2013, a project with a proposed cost of $976,400. Construction is likely to begin during the summer when the buildings are vacant.
“The majority will be used for making roofing repairs or replacing roofs at three of the schools,” Graham said. “They were all built about the same time so you’ve got useful lives on those roofs that are past the condition warranties.
“The remaining funds will go toward putting in energy efficient renovations, like new windows that will improve energy efficiency of some of the buildings.”
Qualified Zone Academy Bonds are only offered to schools that work in particular with local business to establish academic programs within high poverty schools.
“The use of the money is specific,” Graham said. “It’s there for you to make repairs and improvements, but that’s to help enhance the facilities that are used for these academic programs.”
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