Bond Funds OK’d For JMHS Work
Marshall County Board of Education members voted unanimously Tuesday to accept $2 million in Qualified Zone Academy Bond funding to help pay for a multi-million dollar John Marshall High School renovation project.
The QZAB is a tax-credit bond in which the board will pay principal on the bond without interest over a 14-year period to finance equipment and property for John Marshall’s renovation. Cam Siegrist of Bowles Rice in Charleston, who is advising the board of the financing of the bond, said the board will pay about $143,000 per year in a lease purchase agreement with BB&T, who purchased the bond.
The board estimates paying the bond without interest will save the county about $560,000.
Noting the action will save the taxpayers money, Board member Lori Kestner said, “And we’re still being able to do the things we will do.”
The board also swore-in new board member Duane Miller, as well as and returning members Thomas Gilbert and Beth Phillips at the meeting. Miller recently won the seat over board President Roger Lewicki in the May election earning 2,340 votes over Lewicki’s 1,590 votes. The three board members will begin their new term next month.
In addition, the board honored 42 retiring teachers and staff members in a small ceremony during the meeting. According to Superintendent Michael Hince, this year’s retirees represent a combined 1,079 years of service in Marshall County Schools.