"Bonds are sold in a series of varying denominations," said Board Attorney Boyd Pettit. "$40,000 were sold at a maturity that was beyond the period of time approved by the voters."
Pettit said the issue was discovered just before the Thanksgiving holiday and a supplemental bond was proposed to his office in order to be presented to the board.
"The only thing the resolution does is amend the previously adopted resolution to change the amount from $47 million to $46,960,000 to account for the $40,000 that was sold," Pettit said. The decrease in the resolution will reduce the debt of the county and the repayment amount due at the end of the period.
Roger Maier, vice chairman of the board, said "Bartow County Schools will be debt free at the end of this bond."
In agreement with Maier's comment, board member Matt Shultz added that "hopefully a few Bartow County residents will be debt free as well because we'll try to employ as many local workers as we can as we build these schools."
Superintendent John Harper said, "It has been the direction of this board that we'll pay these bonds off within the five years and be relieved of debt."
Harper continued, saying the current board would not "obligate the future board with debt."
The total of $70 million in bond resolutions previously passed will be used for various projects around the county to improve existing schools and build new locations. Bonds will be repaid through the Special Purpose Local Option Sales Tax.