Supervisors approve entire $17M school bond request

by Quinton Sheppard - Posted on Aug 07, 2013 - 01:24 PM

Gloucester County has agreed to the issuance and sale of $17 million worth of school bonds, with $12 million being designated for the new Page Middle School project and an additional $5 million for school roofing and HVAC needs.

Following a public hearing Tuesday night in the colonial courthouse, the Gloucester County Board of Supervisors voted 4-2 to issue the bonds.

Ware district supervisor Andy James and at-large supervisor Ashley Chriscoe voted against the issuance of the $17 million in bonds; Gloucester Point district supervisor Chris Hutson was absent from the meeting.

This bond sale will essentially require a 3.5 cent increase on the county’s real estate tax rate beginning in fiscal year 2015.

According to Ted Cole, first vice president of the county’s financial advisor, Davenport & Company, the total payback will be approximately $26.1 million for $17 million worth of bonds over 20 years.