Prince William County sold $77,660,000 in bonds to finance several upcoming school construction projects.
According to a release, the bonds were “Special Obligation School Financing Bonds” that were obtained through the Virginia Public School Authority.
The sale will help to fund the construction of an alternative school in the Potomac District, additions and renovations to Lake Ridge Middle School, Saunders Middle School, and Pattie, River Oaks, and Westridge Elementary Schools, stated a release.
The funding will also be used to build a special needs transportation center in Manassas, acquire a site for the 14th high school, pay for architectural and design services for additions to Antietam, Lake Ridge, Springwoods, and Leesylvania elementary schools and Stonewall Middle School, and fund the design services for a new elementary school on the Prince William Parkway corridor, a western bus facility, a new middle school in the Potomac Shores area, and the 13th high school slated for the western end of the county, according to a release.
The county sold the bonds at an interest rate of 2.88 percent and the county will repay the bonds over a 20 year period.
“The county issues debt on behalf of the school system since the schools have no taxing authority. Without taxing authority, the school system, by itself, does not have the legal authority to issue long-term debt,” stated a release.
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