School Board Approves Funding for Repairs
District will Borrow $4.3 Million Through Bonds
DULUTH, Minn. – At Tuesday’s meeting, the Duluth School Board approved a new long term maintenance plan.
Two projects were added; repairs at Rockridge Elementary to prepare for Woodland Hills moving in, and replacing rubber mulch on school playgrounds.
To pay for the projects, the district needs to borrow $4.3 million through bonds to be paid back in five years. According to district officials, these projects couldn’t move forward without borrowing the money.
“In a perfect world we’d like to avoid the circumstances of having to pay interest on borrowing, but this is one of those cases where we believed this is the best approach for us,” said Doug Hasler, Chief Financial Officer and Director of Financial Services for the Duluth Public Schools.
By borrowing the money the district can also afford a new $1.2 million roof for Lakewood Elementary.