"BCISD approves $23M bond sale for new Linnie Roberts" by: Mike Reddell

Sentinel photo/Mike Reddell
New Linnie Roberts Elementary Principal Ashley Hagg, far right, is introduced to Linnie Roberts' granddaughter, Cheryl Roberts Owens, far left, at Monday night’s trustee meeting. Martha Brown is in the center.

   The sale of $23 million in bonds to build a new Linnie Roberts Elementary on the old McAllister Elementary site was authorized by Bay City school trustees at their regular meeting Monday night. 
   Selling the bonds represents the fourth and final installment of the $125 million November 2016 bond election. 
   “This is a great day for Bay City ISD by selling all of the $125 million bond issue,” exclaimed Board President Robert Klepac. 
   Building a new Linnie Roberts Elementary with the bonds “completes all of the projects” in the 2016 election, he added. 
   Bond counsel Tom Spurgeon guided trustees through the bond sale timetable that includes taking bids on the bonds Aug. 13 and delivering the bonds Sept. 10. 
   BCISD’s projected “very, very low” interest rate of 3.15% is lower than previous bond sales, the bond counsel pointed out.  
   A minor snag in the process, Spurgeon noted, was this bond issue didn’t quite pass the Texas 50-cent debt test that limits a school district’s maximum debt-service tax rate – for new and existing bonds - to 50 cents. 
   That could be remedied by using $14,700 in Tier 1 state funds for bond payments to keep the district debt service below 50 cents (per $100 valuation) and to comply with the test, Spurgeon said. 
   Klepac thanked Spurgeon, adding “there was a time when we didn’t think we would get there.” 
   The board unanimously approved the sale of bonds. 
   That action drew applause from those attending the board’s meeting. 

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