Manchester Schools seek financing of bonds. The application approved by the Manchester Local Board of Education at its June 16 meeting was not for bond money as indicated in an article in The Suburbanite. Any building project will require the same amount of construction funds.
The application, submitted to the OSCF (Ohio Schools Facilities Commission) is to use federal stimulus funding for the financing of the bonds. The stimulus funds, per the federal guidelines, will subsidize the interest rate at which the building bonds would be sold. A lower interest rate would mean less money would be needed to pay off the bonds and interest over the 28-year period.
The obvious result of a lower interest rate, thanks to the federal stimulus subsidization, would be a lower amount of millage should the Board of Education decide to put the building project on the November ballot.
At his time, the Manchester Board of Education has not decided to put the building project on the November ballot. Should the application for subsidization be approved only then would the Summit County Fiscal Officer be able to determine the number of mills.
Sam Reynolds,
Superintendent
David Osborne
Treasurer
