The Carson City School District Board of Trustees on Tuesday approved a resolution authorizing staff to continue with a bond sale in the amount of $12 million that covers the remaining expenses on the Eagle Valley Middle School expansion project and could finance smaller capital improvement projects as needed or allow for the potential purchase of the 1600 Snyder Ave. property.
Fiscal Services Director Andrew Feuling told the board there are many maintenance options for school needs to consider using the funds on once approved as the Eagle Valley project would require approximately $6 million to $7 million of the total bond amount, including roofing, air conditioning and safety improvements.
However, construction costs continue to skyrocket, Feuling said. In the meantime, the 1600 Snyder Ave. property remains under consideration with the district likely needing a new appraisal on the former Capital Christian Church site before deciding on its purchase as of the end of July.
The board was updated at its June 22 meeting on increasing prices for ongoing projects and market conditions. Bond adviser Marty Johnson of JNA Consulting Group had informed the trustees about the bond issuance for this fall with a total $47 million, $15 million more to be available in June 2023 and $20 million in 2025. Carson City School District’s bond rating, according to Moody’s Investors Service, had been downgraded from Aa2 to Aa3 this year.
“I think $12 million is reasonable,” Trustee Don Carine said before the vote. “I think it’s good that we keep the money if the board wishes eventually to buy that Snyder property.”
“I would concur with that,” Trustee Lupe Ramirez said. “If we come to the conclusion that buying the property is more beneficial to the district, that would be the way to go.”
The board approved the motion 5-0 with Trustees Joe Cacioppo and Mike Walker absent.
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