Opp refinance to net $1M
Published 1:20 am Friday, June 3, 2016
One million dollars.
That’s how much the city of Opp is expected to generate in savings and reserve from refinancing the 2007 general obligation warrants that were secured for funding the new Opp Elementary School.
Opp Mayor John Bartholomew said Thursday that they were able to get $900,000 in savings and with the reserve it equates to $1 million.
From January to April, the mayor and Opp City Schools Superintendent Michael Smithart were at odds over who should get the money.
After three months of negotiations, the pair reached an agreement on who would get the proceeds from the bond refinance. The two entities agreed to split the proceeds from the refinance and OCS pledged $50,000 of its half to go toward repairing the awning at Channell-Lee Stadium.
The city will pay for anything over $50,000 for that project.
Bartholomew said Thursday he was pleased with the amount, which was considerably higher than the estimated $700,000 to $800,000.
“This will be brung to the city council Monday night,” he said. “They will have to pass a resolution to accept it. We expect the funds to be distributed on the 23rd of June.”
Bartholomew said the city’s priorities remain to fix the library and the stadium and any money left will go to upgrade the fire station.
“Those are our three major priorities,” he said. “We want our workers to have good places to go to work and our citizens to have good facilities as well.”
The school system plans to upgrade its technology infrastructure, which is outdated.
“It’s obviously a good number,” Smithart said Thursday of the $1 million. “We are excited to be able to begin our technology upgrades and provide better opportunities for our students.”
Councilmember TD Morgan, who is also opposing Bartholomew in the August mayoral election, said Thursday he would not vote for the resolution.
“No, I have said all along that money should go to the school system or used to pay off the debt,” he said.