The Knoxville School Board promised residents that if they were to construct a new high school, residents would not be footing the bill.
The district has stood by their promise, and during their meeting Monday night, the board approved the district’s intent to sell debt certificates.
Currently the addition is being paid for by the state and the school district and Knoxville Superintendent Steve Wilder tells WGIL the decision made by the board also affected the districts budget.
“It’s kind of a multi-step process, but it started last night and we hope to wrap that up in June, but that last portion of funds won’t be received by the district until July and that again was another big reason we had to amend the budget,” says Wilder.
Wilder also says the board approved the restructuring of existing general obligation bonds to be used to help pay off the local share of the high school construction project.
He says that’s the last portion of the local share for the new high school. The district was responsible for one-third of the cost of the project.