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Board approves finance package
NEWS-TIMES
BY CHERYL BURKE
BEAUFORT — The County Board of Education adopted a resolution Tuesday in support of a finance agreement with the county that provides $1.78 million in capital improvements at Newport Elementary School.
The board met in the school system’s central office on Safrit Drive.
The resolution is a requirement of the Local Government Commission and North Carolina in order for the county to receive $1.78 million in Qualified Zone Academy Bonds (QZAB) for Newport Elementary building improvements.
“This is the final step,” said Superintendent Brad Sneeden. “This resolution basically states that the Carteret County Board of Education and Carteret County are partners in getting the job done.”
When the money goes through, which is expected sometime this month, it will be used to reimburse money spent from general obligation bonds that paid for capital improvements at Newport Elementary School. That money came thanks to the passage of two bond referendums totaling $50 million in November 2005. The funds are being used for improvements and renovations across the school system.
Money freed up by the QZAB, which is an interest-free bond, will be put toward other bond projects.
Mr. Sneeden said although the bond funds were allocated by the state Department of Public Instruction about a year ago, it took the county nearly a year to find a bank to finance it.
“The county did a wonderful job with the bond council to find a bank,” said Mr. Sneeden.
In a recent memo to the County Board of Commissioners, Dee Meshaw, assistant county manager of finance, said Galena State Bank and Trust Co. Inc. in Galena, Ill., offered the best proposal, which included no interest, a $1,000 origination fee and a 1 percent fee due to North by Northwest Capital in Austin, Texas.
Board of Education Chairman Cathy Neagle said the interest-free bond provided a great way to meet capital needs.
“It’s a very definite benefit to the county,” she said.
After the board voted unanimously to approve the resolution, Mrs. Neagle said, “This is a good day for Carteret County and for Carteret County Schools.”
In other action, the board:
• Approved a budget revision to accept a $675,000 More at Four state grant to provide services to more than 200 at-risk pre-kindergarten and kindergarten students for the 2008-2009 school year.
• Approved a revision that budgets $92,504 for the 2008-2009 Workforce Investment Act (WIA) grant received from the East Carolina Workforce Development Board in New Bern. The grant provides work experience for students from low-income families along with mentoring and job-search skills.
• Approved a revision that budgets for the unspent portion of a Ready Schools Grant received in the spring. The grant, which is for staff development and classroom supplies in reading areas, spans two fiscal years. The unspent portion was $6,542.
• Approved a revision that budgets for the unspent portion of a $149,000 State Dropout Grant received in the spring for the Twilight Summer Academy at East Carteret High School. Since the grant spanned two fiscal years, the board budgeted the unspent portion of $100,616 for 2008-2009.
• Approved a revision that appropriates the fund balance from 2007-2008 for outstanding purchase orders as of June 30, 2008. The total revision was for $93,061.
• Met in closed session to discuss personnel, with no action taken in open session.
The board met in the school system’s central office on Safrit Drive.
The resolution is a requirement of the Local Government Commission and North Carolina in order for the county to receive $1.78 million in Qualified Zone Academy Bonds (QZAB) for Newport Elementary building improvements.
“This is the final step,” said Superintendent Brad Sneeden. “This resolution basically states that the Carteret County Board of Education and Carteret County are partners in getting the job done.”
When the money goes through, which is expected sometime this month, it will be used to reimburse money spent from general obligation bonds that paid for capital improvements at Newport Elementary School. That money came thanks to the passage of two bond referendums totaling $50 million in November 2005. The funds are being used for improvements and renovations across the school system.
Money freed up by the QZAB, which is an interest-free bond, will be put toward other bond projects.
Mr. Sneeden said although the bond funds were allocated by the state Department of Public Instruction about a year ago, it took the county nearly a year to find a bank to finance it.
“The county did a wonderful job with the bond council to find a bank,” said Mr. Sneeden.
In a recent memo to the County Board of Commissioners, Dee Meshaw, assistant county manager of finance, said Galena State Bank and Trust Co. Inc. in Galena, Ill., offered the best proposal, which included no interest, a $1,000 origination fee and a 1 percent fee due to North by Northwest Capital in Austin, Texas.
Board of Education Chairman Cathy Neagle said the interest-free bond provided a great way to meet capital needs.
“It’s a very definite benefit to the county,” she said.
After the board voted unanimously to approve the resolution, Mrs. Neagle said, “This is a good day for Carteret County and for Carteret County Schools.”
In other action, the board:
• Approved a budget revision to accept a $675,000 More at Four state grant to provide services to more than 200 at-risk pre-kindergarten and kindergarten students for the 2008-2009 school year.
• Approved a revision that budgets $92,504 for the 2008-2009 Workforce Investment Act (WIA) grant received from the East Carolina Workforce Development Board in New Bern. The grant provides work experience for students from low-income families along with mentoring and job-search skills.
• Approved a revision that budgets for the unspent portion of a Ready Schools Grant received in the spring. The grant, which is for staff development and classroom supplies in reading areas, spans two fiscal years. The unspent portion was $6,542.
• Approved a revision that budgets for the unspent portion of a $149,000 State Dropout Grant received in the spring for the Twilight Summer Academy at East Carteret High School. Since the grant spanned two fiscal years, the board budgeted the unspent portion of $100,616 for 2008-2009.
• Approved a revision that appropriates the fund balance from 2007-2008 for outstanding purchase orders as of June 30, 2008. The total revision was for $93,061.
• Met in closed session to discuss personnel, with no action taken in open session.
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| Two countians get look at history in making |
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