A what-if plan for AC repair in Hillsborough
The Hillsborough district, under attack from parent and teachers for allowing school air conditioners to fall into disrepair, will soon take a step that could free up some renovation money.
A resolution on the Oct. 4 meeting agenda would allow the district to spend up to $40 million in anticipation of future bond proceeds to pay the bills.
"This will allow the District to begin addressing its HVAC needs immediately using existing capital funds which may be recouped later through the issuance of debt or receipt of other legally available revenues," the agenda item says.
At Tuesday's very sobering special-called board meeting to discuss the capital improvement plan, chief business officer Gretchen Saunders described a state-assisted construction bond program called QZAB [which stands for Qualified Zone Academy Bonds.] Other methods exist as well.
There is no commitment. "A reimbursement resolution does not obligate the District to borrow any money," the document says. But it "is required in order for the District to be reimbursed for any expenditures made from a future tax-exempt debt issue."