Alto ISD accepts bond proposal
BY LELAND ACKER

The Alto ISD Board of Trustees continue to move forward on the project to build a new elementary school building as the interest rate has been set on the district's $6.3 million bond package.

The interest rate was set at 3.4644 percent, almost 1.6 percentage points below the five percent for which the trustees had budgeted. The rate was adopted at a special Alto ISD board meeting Feb. 4.

"This rate is much lower than when we started this process and went to voters," said Dr. Ray DeSpain, Alto ISD superintendent. "In fact, we had projected a maximum Interest and Sinking (I&S) tax increase of almost 33 cents per $100 valuation. Now, we're looking at a maximum increase of 28 cents per $100 valuation, which is great news for all of us as tax payers."

Dr. DeSpain told the Cherokeean Herald that even with the (I&S) increase, school property taxes will still be lower than in previous years.

The low-bid purchaser of the $6.3 million bonds was Morgan Keegan and Co. of Memphis, Tenn. The bonds, rated as "AAA" government entity bonds, are backed by the Texas Education Agency's Permanent School Fund.

Until disbursed, the funds will be placed in the district's Lone Star Investment Pool construction account. Dr. De- Spain said he is researching other financial institutions' interest rates to maximize interest gains during construction.

Final drawings, topographic surveys, geotechnical testing and soil samples have been completed and architects from Goodwin-Lassiter are finalizing the engineering blueprints.

Bids will be made available to general contractors in early March, with construction to begin by mid-April, Dr. De- Spain said.

"We hope to take ownership of the building and start making the transition from the old buildings by June 2009 in time to start with students that fall," he said.

Also approved at the meeting were: a paving project to add eight new parking spots and two sidewalks for the middle school, high school gymnasium and flooring renovations, a 39,000-square-foot paving project for a parent pick up circle that will later be used for elementary cafeteria, football and softball parking and several needed campus painting projects.