School district expected to discuss borrowing $9 million
Published 11:51 pm Wednesday, June 28, 2017
NATCHEZ — The Natchez-Adams School Board is expected to discuss today possibly borrowing $9 million for the possible repairs of existing schools and construction of new buildings during a special called meeting.
The board will meet at 1 p.m. in the Braden Administration Building board room for a budget work session and to approve a resolution to borrow the funds.
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Language in the resolution for an unnamed “project” stipulates the money would be used to pay the costs of making repairs and alterations to buildings, erecting school buildings and the purchasing of land, equipment and fixtures for school buildings and school recreational and athletics.
An annual levy of a special tax not to exceed 3 mills is proposed. The notes issued for borrowing the money will mature over a period not to exceed 20 years, the resolution says.
The resolution says funds in the current district maintenance fund may be used to pay for initial costs and acquisition and construction of the unnamed project.
If the resolution is approved, a petition signed by at least 20 percent of the qualified electors in the county could force an election on the issue. Such a petition has to be filed prior to July 11 at the central office in the administration building.