Superintendent outlines $36–38 million building plan, proposes $40 million bond to provide cushion

Dr. Dearman, the district superintendent, told the Board of Education that consultants are advancing conceptual designs for a new building project and that community engagement sessions are expected within about six weeks. He said preliminary cost estimates for the building work are about $36 million to $36.5 million, with an additional roughly $1.5 million for furniture, fixtures and equipment (FF&E), for an all‑in estimate “roughly $38” million.

The superintendent said the district has discussed issuing $40 million in bonds through Bernardi Securities to provide a roughly $2 million contingency cushion. “I would like to issue them the $40,000,000. That would give us 2 extra million dollars to get the work run over,” Dr. Dearman said. He told the board that, per counsel, the bond resolution could allow use of proceeds on other district property improvements (summer projects) and that the approach would not require a tax increase as presented.

Why it matters: the proposed bond would lock in project financing and a contingency buffer while the district completes design work and conducts planned community engagement. Dr. Dearman said interest rates are “about 4%” currently and that the district would follow required legal steps to issue the bonds.

In discussion the superintendent identified next steps: completing conceptual designs, holding community engagement sessions to inform final plans, and working with the district’s financing advisor to structure the bond sale. He emphasized the timeline for community engagement — “they will probably be coming within the next 6 weeks” — and noted consultants still needed to “gather some more information, to finalize conceptual designs.”

No formal motion or vote on a bond issuance was recorded during the meeting; the remarks were presented as an information item. Board members did not vote on a bond resolution at this session. The superintendent invited questions at the end of his report.

Shorter-term budget context noted by Dr. Dearman: the district uses bond proceeds for property improvements and summer projects that have previously totaled about $1 million to $1.5 million per cycle. He said the district has been consulting on cash‑management timing (for example, whether to issue $40 million rather than a lower amount) to cover potential cost overruns and to avoid increasing tax rates.