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CANNELTON - Cannelton's school-board members approved a resolution in a special meeting Monday that will permit the corporation to sell bonds, take care of some debts, fund energy-saving renovations and lead to "a good situation for the schools to thrive," Superintendent Al Chapman said Tuesday.
He has been working for months on efforts to sell bonds, and they will bear fruit in the sale next week of approximately $2.4 million in bonds to the Oppenheimer and Co. Inc. investment firm, which will sell them to long-term investors.
The sale will allow the corporation to repay approximately $1.4 million it owes to Fifth Third and German American banks.
Before Chapman assumed his job in 2004, the corporation had accrued significant debt in part through overreporting student populations, resulting in demands to return funds provided by the state.
Renovations to improve energy efficiency at Cannelton High School could start in the late summer or fall, Chapman said, and work will be scheduled around classes where necessary.
Boilers will be examined and replaced, if necessary, and modern air-conditioning equipment will replace window units. More-efficient and -economical lighting will be installed and windows will be examined for potential upgrades.
Now that he has the board's approval, Chapman said he will seek contractors' proposals, allowing representatives of interested companies to visit so they can see the work that needs to be done before they submit bids.
Construction was eliminated from possible uses for federal stimulus funds for everyone receiving them, Chapman said, so they can't contribute to the proposed renovations.
He reiterated an assertion he made in earlier discussions of the bond sale, that it won't raise city residents' taxes.
"They should be less than they have been in the past," he said Tuesday.
"For us, this is a good situation," he said. "We should be able to thrive for some time."