CORINTH – The Alcorn School Board may borrow up to $4.25 million to make various improvements in the district.
The board made the initial step toward borrowing the money on Monday night.
The school district would pay back the money by extending a 3-mill tax levy that is currently in place for debt retirement.
The resolution adopted by the school board on Monday states that the money could be used for building repairs, alterations and additions as well as heating, cooling, buses, and equipping land for athletics. The money could not be used to hire teachers, pay salaries or cover other recurring expenses.
Officials estimate that it could take around 12 years to pay it off, but the district would have a maximum of 20 years.
School Board member Ann Little said the district is in great need of repairs and thinks borrowing the money is a good idea.
“This is a beginning for us, and I think we very much need this,” Little said. “I think our children deserve it.”
Taxpayers would not see an increase in property taxes since the 3-mill debt retirement levy is already in place and would just be extended, Superintendent Larry Mitchell said.
The board has still not made the final decision to borrow the money, and there will be a public hearing on the proposal. During the public hearing, citizens will be able to express their thoughts to the school board on the proposal.