A financing plan for Phase Two renovations at the Elbert County Comprehensive High School has finally been approved by the Elbert County Board of Education.
That news after a called meeting held by the school board yesterday evening.
According to Chief Financial Officer Ben Childs, some time ago the school board adopted a resolution saying they would not exceed 4.2 million dollars in cost for the renovations.
He says they are actually coming in under that amount, only having to finance 4.127 million through what is called an “installment sale agreement”, which Childs says works very similar to a mortgage.
“Parcels of land where construction is being done are transferred to GMA. They then turn around and take their leadership and send it Regions, who then lease the property back to us”, explained Childs. “Works very much like a mortgage, as deeds are recorded at the courthouse and what not.”
The winning bid for the financing was Regions Bank at a 2.72% interest rate, and Childs expects the school board to pay back the amount financed sooner than what the documents indicate.
A recommendation was made by Elbert County School Superintendent Chuck Bell to approve the financing plan, which passed with a unanimous 5-0 vote by the school board.