MT. VERNON — The Mt. Vernon Township High School Board of Education approved the next step toward the construction of a new high school.
On Monday, the board approved a resolution establishing a Site and Construction Fund, to and from which all new-construction-related funds will be deposited and disbursed.
"We've got all those funds on the financial report, well, now we'll have a (Fund) 60 in there," Board chairman Carl Miller said. "That is where the money will go and where the money will be paid out for a 21st century beautiful school."
The board passed a second resolution related to fund management for new school construction.
MVTHS Superintendent Mike Smith said the district advertised for financial advisory services in an effort to have an independent financial advisor in place before the underwriting and sale of bonds.
"We want a third party that's removed from that process so they don't stand to make any money from the sale of the bonds," Smith said. "This is a, as we move forward with subsequent bond sales, they'll tee up those sales. ... They'll help us, if we wish, interview underwriters, ask financial questions, they'll set up the parameters under which they will set up the rates for those bonds, and basically manage that process."
The board approved a resolution to select Kings Financial Consulting as the district's financial advisor services for the financing of the construction of a new high school.
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