CHARLOTTESVILLE — Eastern Hancock schools will issue a general obligation bond to fund repairs to the roof of Eastern Hancock Elementary School.
The $950,000 bond was approved in a vote Monday by the Eastern Hancock School Board.
General obligation bonds are debt backed by the credit of the school corporation and can be used to pay for any capital improvements to school property.
Superintendent David Pfaff said the roof replacement is part of scheduled maintenance of roofs on both schools.
“We’re not experiencing major problems at the elementary school, but it’s beginning to show some wear in places,” Pfaff said.
Eastern Hancock Elementary School principal Amanda Pyle said the majority of the school’s roof is 22 years old. She said it is important to replace the roof now to avoid any damage to improvements inside the school the corporation has invested in.
The move follows a discussion last month about additional bond financing. Taking out a new bond this year will help keep tax rates level rather than creating a dip this year followed by an increase in 2020 and 2021, director of business and operations Adam Kinder said at the time.
At the August meeting, the board discussed taking out a new bond up to $1.8 million, but Pfaff said no other capital projects will require bond financing during this school year.
The bond will now be reviewed by the district’s legal counsel, Ice Miller, before it is finalized.
Also at the school board meeting, the board approved the replacement of two 12-year-old school buses. Eastern Hancock will begin the process to approve this year’s budget at its October meeting.
