Parkland School Directors approved a resolution Tuesday night that allows their financial team to maneuver in the bond market in order to get the best rate for a $10 million loan to pay for projects in the district starting with Kratzer Elementary School.
The parameter resolution extends to $12 million but projected costs come in around $10 million, according to Director of Business Administration John Vignone.
The money will go toward capital improvements, starting with renovations and improvements to Kratzer Elementary, which was identified in the district's feasibility study as a high priority project. In its entirety, the feasibility study identified $24 million in building improvements.
The projects are broken down into the following categories starting this spring and ending September 2015:
- $4.25 million for Kratzer Elementary.
- $750,000 for buses.
- $1.85 million for technology infrastructure.
- $3 million for other district-wide projects.
- $158,000 for insurance costs.
Directors voted unanimously to approve the resolution.