Financing is now in place for the Knox Community School Corporation’s $20 million building project.
Bonds for the project were sold on April 8 at an interest rate of 2.6 percent, according to School Superintendent Dr. William Reichhart. He says that was down from previous predictions of over four percent, which will save taxpayers $2,000,000 over the 20-year repayment period. Reichhart adds that school officials were very pleased with the results, after there had been some concern that COVID-19’s financial effects might force the sale to be delayed.
S&P Global gave the school corporation a AA+ Stable bond rating, citing its “recent string of operating surpluses and strong cash reserves,” and “despite its limited local economy and declining enrollment trend.”
The project will include additions to the elementary and high schools and the demolition of much of the elementary school’s Palmer Wing, among a number of other improvements. Site work began earlier this month.
