Home News Restructuring existing debt to be decided in Mineral Springs School District

Restructuring existing debt to be decided in Mineral Springs School District

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By Louie Graves

Leader staff

Mineral Springs school patrons will vote in September on restructuring existing debt along with $17 million for a new K-12 school.

The MS School Board voted to take the financing issue to voters during a special school board meeting, Thursday night.

The district’s existing debt is about $3.1 million set to be paid off in 17 years. The combined new debt would be financed for 30 years. The interest rate would be determined by bonds sold by Stephens Public Financing, according to the district’s financial officer, Frankie Darr.

There will be no increase in millage, Supt. Curtis Turner, Jr., said Monday morning. He said that the district would have minimal construction expense until the fall when money from the bond sale is realized.

The 2016 school elections will be on Sept. 20.