County officials said Wednesday they are ready to take the first step toward issuing up to $250 million in bonds for school facilities.
School Supt. Justin Robertson said it will be "the largest bond issue for schools in the history of Hamilton County."
County Mayor Weston Wamp said it would pay for major improvements at a minimum of seven schools, and it might stretch to eight or nine schools. He said there would be funding for significant work at multiple other schools.
Finance Director Lee Brouner said a resolution set for the County Commission to consider on June 26 would simply announce the county's intentions. He said citizens opposing such a bond issue would have the right to file a petition to try to stop it. He said they would have 20 days to act, and 10 percent of registered voters would need to sign on to the opposition.
Mr. Brouner said it would be 3-4 weeks after that before a resolution for action on the major bond issue would be before the commission.
County Mayor Wamp said the $250 million amount was the total the county could fiscally consider at this time.
Commissioner David Sharpe said the commission should use "creative thinking" on paying for the school improvements in lieu of a bond issue. He mentioned the possibility of allowing citizens to vote for a local option sales tax to pay for the school improvements.
Commissioner Sharpe said a $250 million bond issue would cost taxpayers $375 million counting interest on a 15-million issue.
Commissioner Lee Helton responded, "You can dress it up, but you are talking about a tax increase." He said his District 7 constituents were not in position to pay higher taxes.
Commissioner Greg Beck said he agreed that "creative thinking" is needed on how best to get the school funds. He said one of his first acts as a commissioner was to vote for a tax increase, saying it was badly needed at the time.
Later in the meeting, he said he was not advocating a tax increase - just a focus on the best way to raise the school funds and limit interest costs.
Commissioner Sharpe said it had been three years since a new school was built in Hamilton County.
Mr. Brouner said the county is studying how to approach the bond issue. He said earlier issues were at 15 years to limit interest costs.