Board Votes to Issue General Obligation Bonds

The Florence County School District Three board of trustees unanimously approved a resolution to issue up to $1.65 million in general obligation bonds Thursday during its regular monthly meeting.

Proceeds from the bond sale will be used primarily to provide the district with a steady cash flow for payroll and other expenditures.

Ben Zeiglar of Haynsworth, Sinkler, Boyd, P.A. presented the resolution to the board, pointing out the seven-year note will result in no tax increase.

“The good news is, this bond has been structured so that it will not result in any tax increases, which is right around the 12-mill figure that y’all have gotten used to,” said Zeigler. “It will not impact your taxpayers adversely.”

Superintendent Laura Hickson also updated the board on the district’s plan to eliminate the $1.6 million deficit. In her presentation, Ms. Hickson told board members she expects to reduce the deficit by $500,000 this year through various budget cuts and not filling vacancies unless necessary.

In phase two during the 2017-18 school year, the district will set up a line item of approximately $800,000 of reductions and will address the remaining $324,458 in 2018-2019.