School board to discuss financing options for new Fayetteville High School

The Fayetteville School Board will hold a special meeting at 5 p.m. Thursday, July 8 in the Adams Leadership Center to discuss the financing of phase two of the Fayetteville High School project.

The first phase of construction of the new high school is underway, and is being financed by the sale of $45 million in Qualified School Construction Bonds.

$31.6 million in additional low interest Qualified School Construction Bonds have been granted to the district for phase two, which has been estimated at about $48 million to complete.

The board will discuss ways to pay for the interest on the bonds, including the possibility of asking the city of Fayetteville for another millage increase in September. The board will also weigh other options, such as a partial renovation for phase two.

According to NWAOnline, the millage increase on the table this time will be between 1.7 and 2.75 mills.

Fayetteville voters rejected a 4.9 mill increase back in September 2009.