The Benjamin Logan Board of Education approved a measure during its Monday meeting to borrow up to $2.7 million to complete several major permanent improvement projects. The loan was worked out with the cooperation of three local financial institutions — Citizens Federal Savings & Loan, Liberty National Bank and Union Banking Company — Treasurer Mandy France reported.
Benjamin Logan Middle School fifth-grade gifted program students show off environmentally-friendly treehouse models they made to Susan Allen and other members of the school board during the Monday board meeting. (EXAMINER PHOTO | REUBEN MEES)
The district is authorized to borrow up to a $2.7 million cap to pay to install a metal roof at the high school; replace all interior lighting with energy-efficient LED technology; and replace one 27-year-old boiler at each school with new systems that match units installed four years ago.
Alumni Roofing has previously submitted a bid for $1.09 million to replace the high school roof, while the lighting project has been estimated at $550,000.
The board is not required to borrow the full amount and will not pay more than 4.25 percent interest over the life of the loan, which can be up to 10 years, according to the resolution passed by the board. It will be repaid through a continuing 2-mill capital improvement levy passed in 2009. The principal amount is only about 50 percent of the total that levy is expected to generate over the next 10 years.
The majority of the December meeting, however, was spent in recognizing students.
Read complete story in Tuesday’s Examiner.
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