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Knoxville School District Waiting to Finance Their Share in New High School Project
District 202 officials are holding off on selling bonds to meet their share in financing a proposed new high school.

Knoxville's Superintendent Steve Wilder says he's waiting to sign the intergovernmental agreement, which essentially is the final piece to begin receiving the awarded $20.2 million dollars in capital funds from the state.

The district's share is $11.5 million dollars-- which the board of education is considering selling $8 or $9 million dollars in alternate revenue bonds to finance the project.

David Pistorious, of Bloomington-based First Midstate-Financing, recently gave the board a timetable for paying on those.

"Our suggestion would be a maximum of 25 years," he said. "We've had a lot of success with 25 years in some other districts. And again, you really don't gain much as far as bonding capacity in those latter five years, versus that interest cost you're going to pay over that thirty years."

With the alternate revenue bonds, Pistorious says the facility sales tax is attached to it.

The remaining local share would be in financed by life safety bonds, an eighteen year payment schedule that wouldn't likely begin until early next year.

A formal decision from the board on the bonds could come as soon as April.
03 13 12 by Newsroom
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