Hancock County residents will vote in November on a $37 million bond referendum to fund school construction, though a similar package had previously faced resistance.
The county board last week approved the referendum for the state’s Nov. 2 ballot.
If the referendum is approved, the West Virginia School Building Authority will kick in $19 million as part of a matching program, giving Hancock $56 million for its school construction projects.
Bond referendums nationally have a good history of being approved. In 2008, about 82% of them passed authorizing governments to issue about $54 billion of new debt.
But Hancock voters earlier this decade rejected a similar bond package for schools, according to Suzan Smith, the county’s school superintendent. She said the county will be campaigning for voters to approve the funds.
If the referendum is rejected, the $19 million from the state will go to other school districts, she said.
The bonds must be issued within 90 days of the referendum, Smith said. The debt will likely have a final maturity in 25 years and have a 6.75% maximum interest rate, she said.
Proceeds from the bonds will fund the construction of a new elementary school that will consolidate three existing facilities. Funds will also be spent on improvements at the district’s six other schools.
