NEW BLOOMFIELD - New Bloomfield residents will soon see work start on facility projects funded through the $2 million no-tax increase bond issue, which voters passed in April. The bond issue will address facility repairs, among which the biggest projects are parking lot repairs and new heating and cooling systems in the district.
The New Bloomfield R-3 Board of Education awarded a bid for the HVAC project to Clearview Enterprises LLC, a company which has previously done work in the Jefferson City and Columbia school districts. Bids for the project came in less than the district and its architect expected.
For the project, the company will swap out heating and cooling units in the district. The project will not require construction, and Superintendent David Tramel said the process will not be invasive.
While work will start this summer, Tramel said it's important to note not all of the bond issue facility projects will be completed by August. The district, he said, wants to do the projects right and doesn't want to rush to fit everything in this summer. The parking lot project, for which bids will open later this month, may not begin repaving until next summer.
The board also approved the sale and issuance of the bonds at its regular meeting Thursday.
The district's financial adviser, L.J. Hart and Co., will begin to solicit local and institutional investors for the bonds. A committee of Larry Hart, the Tramel and school board president will sign off on the individual bond sales.
A 20-year repayment plan was approved over a 15-year plan.With the option the board chose, the L.J. Hart representatives said bonds will be sold at a premium with more additional funds generated up front.
Even though the 20-year plan has a higher interest rate, the L.J. Hart representatives said it allows for more flexibility. They further said the impact on the district's debt service fund balance will be less each year because it is spread over 20 years, with opportunities for early repayment and refinancing.