Richmond County Administrator Outlines High School Plan
Richmond County Supervisors are going over a memorandum from the County Administrator about funding for a new high school.
With rumors flying, Administrator Bill Duncanson said he wanted to put forward a funding proposal and examine how that will impact taxpayers.
He explained that Qualified School Construction Bonds are capped at $15 million and have to be repaid in 14 to 16 years. The county would have to finance the rest of the cost of the high school project.
Duncanson figures that would mean borrowing $8 million at 5% interest. That plan would add a million dollars to the county’s debt service for the interest-free loan over 15 years. Another $400 thousand would be needed each year to repay the conventional financing over 30 years.
Duncanson said to afford the new high school, the real estate tax is going to have to go up 16 cents for 15 years. According to the Northern Neck News, to get the interest-free funding, the state will have to approve Richmond County’s application.
John Ogle, WCVE News