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Story Archives: Bank to loan $1.5 million for school renovations
|Bank to loan $1.5 million for school renovations|
The Franklin Parish School Board approved borrowing $1.5 million from a local bank to complete renovation projects at several area schools, at its regular meeting Monday evening.
"Franklin State Bank has come forward with the proposition to loan us $1.5 million at an interest rate of one-half of one percent," announced Supt. Lanny Johnson during the regular monthly meeting.
Johnson stated FSB will honor $1.5 million in federal bonds allocated for construction.
The board also passed a resolution in appreciation of Franklin State Bank and president Bill Walker for offering the low-interest loan.
"The school board extends gratitude and appreciation to FSB for its ever-present support of the Franklin Parish School System," said Johnson.
In other business, voters in Franklin Parish will go to the polls Nov. 14 to vote on a half-cent renewal tax which contributes a large portion to the school system's annual budget.
"That tax brings in about $1.2 million a year," Johnson said. "It's our biggest tax."
The half-cent tax was last renewed in 2004 for five years. The board will ask voters to approve the tax for a 10-year term, due to the expenses associated with facilitating an election.
Early voting for the Nov. 14 election began Oct. 31 and will continue through Saturday, Nov. 7.
In light of the recent performance scores released by the Department of Education, board members adopted a resolution congratulating the principals, faculty and staff at parish schools for their "hard work, dedication, and perseverance in achieving their goals," said Johnson.
Every school in the district met or exceeded growth targets for the year and made the most significant growth of any school in the state.
"That's something to be proud of," said Johnson.
Also, thirty-two bids were submitted to the school board for four portable buildings formerly utilized by Franklin Parish High School. The board approved four bids for the purchase of the buildings during Monday's meeting from Apostolic Faith Chapel, Russell Roberts, Enuch Davis and Sam Free.
School officials said two of the buildings will remain on the campus of the high school for additional space.