County moves to fund school improvements
Jun. 11—With Thursday evening's approval to seek a $60 million bond measure, Wilson County took one more step towards rebuilding schools damaged by the tornado in 2020, as well as allocating funds to purchase new school sites.
During its regularly-scheduled monthly meeting, the Wilson County Budget Committee reviewed and approved the matter.
"The committee approved a bond for up to $60 million, to finish out the West Wilson Middle School project," Wilson County Mayor Randall Hutto said. "That is after insurance paid what it would pay on Stoner Creek (Elementary School) and West Wilson."
The Wilson County School System is rebuilding the schools back to hold more students than they held previously. Stoner Creek will go from a capacity of 650 to 1,000 students. Meanwhile, West Wilson is up to 1,500 students, from the original 1,100.
Since the schools were insured and the damage qualifies for additional coverage from the Federal Emergency Management Agency, the county does expect to get most of the money back. It won't cover the increased size of the schools though. The county does have to foot that bill.
The committee ultimately decided to take out a bond, but discussions were held about the possibility of taking out a note instead. Notes and bonds are both forms of debt, with different timeframes that they have to be repaid. Bonds have a longer lifespan.
Wilson County Finance Director Aaron Maynard explained that the 20-year bond, if it includes a call provision that allows it to be paid off earlier, would cost a little more than a capital outlay note option. However, the quick timetable to repay a note would mean significantly higher payments, which Maynard indicated the county could not afford.
"A 20-year bond would be more expensive, yes, but you put the call provision in so you can pay it off earlier if you have the money," Maynard said.
The bond would also feed into funding for new school sites.
"There was money in there for a future land purchase for the two sites that are on the docket," Hutto said.
Although land for the school sites has not officially been purchased, the mayor mentioned that it would be wise to set aside that money now since the issuance costs would likely be more expensive in the future.
"If the land at Double Log Cabin (Road), or whichever land we do get, comes in a little higher, we always have capital projects and the fund balance to cover that gap," Hutto said.
Wilson County commissioner and budget committee member Tommy Jones added, "We have to build these schools ... there is no question about that, and buy this land, but are we certain that we are borrowing this money the cheapest way for the taxpayers?"
Maynard indicated to Jones that in his estimation, the bond was the most feasible route.
