Johnston County Commissioners have authorized the sale of the final $27 million of a $64 million school and community college bond approved by voters.
$57 million was approved by voters, in a Nov. 2013 referendum, for Johnston County Schools and $7 million for Johnston Community College.
With their vote on Monday, commissioners agreed to sell the remaining $20.5 million for the public school system and $6.5 million for the community college. County Manager Rick Hester said the bonds will be sold in the next 30 to 45 days. The organizations will then draw from the money as funds are needed to pay for projects.
Traci D. Ashley, Senior Director of College Communications said the funds would be used primarily for renovations to the Tart Building including repairs to the roof, stage, HVAC, electrical, plumbing and building systems.
Tracey Peedin Jones, Public Information Officer for Johnston County Schools said the monies from this last sale of the bond will be used toward a middle school in the Cleveland area being built on Norris Road. This school will ready for the opening of the 2017-2018 school year.
Commissioners also authorized the manager to refinance $14.3 million in additional bond debt if the county can find lower interest rates. Hester said the $14.3 million is existing bond debts authorized within the last 10 years. He said the board wanted to seek all available opportunities to refinance at a lower rate and save taxpayers money.
