Cobb school board to vote on accepting $100M in short-term loans Thursday

Jan. 18—To get ahead of 2023 construction projects funded by the Special Purpose Local Option Sales Tax, the Cobb County School District requested $100 million in short-term loans in December.

On Thursday, the Cobb school board plans to accept the "best bid" for the notes, which Brad Johnson, the district's chief financial officer, said in December will be paid back using the district's SPLOST funds.

"The short-term notes would be received at the end of January and they would be repaid back in December of '23," Johnson said at the time. "Short-term notes are not considered long-term debt, they are short term debt."

According to Thursday's agenda, Superintendent Chris Ragsdale will discuss the district's five-year strategic plan for 2023-2028, as well as an independent financial audit of the district.

Under "Board Business" is an "Annual Disclosure of Board Member Compliance" item that Brad Wheeler, the new chair of the board, said ensures that board members understand their responsibilities and activities not permitted while on the board, like taking other positions in the district and using the role for personal financial benefit.

"It spells out what board members should not do as far as conflict of interest with your position," Wheeler said.

Other than the acceptance of construction notes, the board will take action on the following items at Thursday's meeting:

— Recommendation for authorization of school property disposal;

— Recommendations for approval of permanent utility easements at Sprayberry and Pebblebrook high schools;

— Recommendation for a final guaranteed maximum price to convert Lindley 6th Grade Academy to Betty Gray Middle School.

The board will also make new appointments, including a board liaison, to the Facilities & Technology Citizens Oversight Committee.

The board will meet Thursday at 514 Glover St. in Marietta at 2 p.m. for its work session and at 7 p.m. for its regular meeting.