The Blaine County School District board of trustees has given district officials the green light to initiate a legal process to allow it to borrow against future revenues from a recently approved plant facility levy.
During a meeting Tuesday, the board unanimously approved a resolution to set a public hearing on the matter for Wednesday, Jan. 13, at 6:30 p.m. at the district office in Hailey.
"This is the process that we have to go through to get permission from the judge to borrow against future levy revenue," said District Business Manager Mike Chatterton.
Following the public hearing, the school board is required to approve another resolution initiating the judicial review process, which would be filed in Blaine County 5th District Court.
If the request is approved in court, the district would be allowed to issue "certificates of participation" to investors to collect revenue for planned construction and facility renovation projects at various district schools. Chatterton said the certificates could be issued with little or no interest required because of tax credits the federal government has made available to certificate investors for economic stimulus.
Blaine County voters approved a 10-year, $59.8 million plant facility levy in October to fund new technology, safety and security upgrades, school repairs, alternative energy development, resource conservation measures, new classrooms and a new elementary school if needed.
Borrowing on future levy revenues would allow the district to get started on projects as early as this spring.
District officials committed prior to the election to spending levy money locally as much as possible. A meeting to help local contractors and subcontractors understand the district's contract award process is scheduled for Tuesday, Dec. 15, at noon at the district office.
Terry Smith: tsmith@mtexpress.com
