At a special meeting yesterday morning, the Wabash District #348 school board formally adopted a resolution to issue almost $4 million in general obligation school bonds. The bonds are an alternate revenue source type of bond which means they’ll be paid back with something other than property tax. In this case, money from the 1% school facilities sales tax will be used to pay off the bonds. The bulk of the money will be used to pay for Phase Two of the renovation project at Riverview Stadium that will include the construction of a new concession stand, press box, and locker rooms. Any remaining money from the bonds could be used for other facilities’ projects according to board president Tim Schuler. The interest rate on the bonds is 3.54% with a closing date set for September 21st. The call date of the bonds will be December 1st, 2029. The vote to issue the bonds was unanimous with board members Neil Earnest and Susan Wood abstaining.
WSJD File Photo