District makes first bond payment

The Cherokee County School District made the first payment Monday on its recently completed $35 million school building program.

School trustees unanimously approved a resolution to make a $4.5 million bond payment. This is the first of 20 annual bond payments the district will make to retire debt on new school building projects completed this summer.

The district used an installment purchase payment plan to finance a new Gaffney High football stadium, Blacksburg and Gaffney High ninth grade additions, the Cherokee Community Learning Center and a 6- classroom addition at Goucher Elementary.

Annual bond payments will be made from a portion of the district's "Eight Percent Money," the maximum amount the district can borrow without holding a voter referendum.

Finance director Ben Childs said the amount of bond payments will vary each year, based on interest and financial market conditions.

The school board established a nonprofit corporation last year to issue the school construction bonds for the district.

Similar to a home mortgage plan, Childs said the district will gain a share of ownership in the new school buildings as the school bonds are repaid. The final payment is due in 2027.

Southern Management gave an update on the school building program at Monday's board meeting.

School administrators spent Aug. 13 moving into the Cherokee Community Learning Center on Allison Road near Luther Vaughan Elementary. The Gaffney High football stadium received a final inspection Thursday.

The Gaffney High track was finished in June. Crosscountry running teams have already started practice on the new track.

District technology staff are installing computers in the Gaffney High ninth grade addition so the building will be ready for students when school starts Monday, Southern Management Principal Architect Tom Baldwin said.

"The Gaffney High ninth grade addition is complete with the exception of several call back items associated with the heating and air conditioning units. There is a coil leak and an issue with a drain pan," Baldwin said. "Corrective measures are being taken. We plan to schedule a time for the school board members to walk through all of the new school buildings."