School board wants to borrow $2 million

By By Georgia E. Frye / staff writer
May 18, 2004
The Meridian Public School Board on Monday voted to notify the public of its intent to borrow about $2 million for repairs at eight schools in the district. The loan will result in an increase in property taxes over the next three years for residents who live in the Meridian Public School District.
The public has until June 7 to oppose the resolution. If there is no opposition, the school board will make plans at a June 7 meeting to proceed.
Suzanne Smith, chief financial officer for the district, said administrative officials hope to receive the money in August and make the repairs over the summers for the next three years. The money would be invested to earn interest.
School board attorney John Compton said state law allows school districts to request up to three mills of tax dollars each year to repay debt on school building borrowing; one mill generates about $225,000. That would mean taxes on a $35,000 home would go up about $5, and taxes on a $100,000 house would go up about $20.
Compton said the district would repay the money in three years using revenues generated by the increase and state Educational Enhancement Funds the district receives each year.
Compton said the money would be used to repair the roof on Oakland Heights Elementary School, repair drainage problems at West End Elementary School, and complete major plumbing work at Oakland Heights Elementary, Poplar Springs Elementary, Marion Park, Magnolia Middle, Parkview Elementary, West Hills Elementary and Meridian High schools.
Residents with questions can call Suzanne Smith, chief financial officer, at 483-6271.