The Madill Public Schools Board of Education held a special meeting on July 10. The meeting was called to discuss and take action on employing Stephen H. McDonald and Associates as the financial consultant to the school district and to nail down a date for the special election to authorize the issuance of the general obligation bonds.
After unanimously voting to employ Stephen H. McDonald and Associates, the board turned their attention to the special election. This resolution gave the amount of the bonds and the purpose.
The board president Mike Mathis introduced a written resolution to the board for consideration. “A resolution authorizing the calling and holding of an election of Independent School District Number 2 of Marshall County, Oklahoma for the purpose of submitting to the registered, qualified electors thereof the question of the issuance of the bonds of said School District in the sum of Fifteen Million Four Hundred Ninety Thousand Dollars ($15,490,000).”
The resolution continued on by laying out what the bonds will finance if voted in. “For the purpose of constructing, equipping, repairing and remodeling school buildings, acquiring school furniture, fixtures and equipment and acquiring and improving school sites, and levying and collecting an annual tax in such district for the payment of the interest and principal of said bonds.”
The bond is to build a new event center that will house STEM classes (science, technology, engineering and mathematics). Madill superintendent Larry Case said he is excited at the prospect of the new event center.
“I like the idea of the event center, and how the title covers any type of event. It opens the doors to a lot of opportunities,” Case explained.
The board approved the resolution and set the election date for September 10, 2019.
The proposition of the bond states, “Shall Independent School District Number 2 of Marshall County, Oklahoma... and levy and collect an annual tax, in addition to all other taxes, upon all the taxable property in such District sufficient to pay the interest on such bonds as it falls due and also to constitute a sinking fund for the payment of the principal thereof when due, said bonds to bear interest not to exceed the rate of ten (10%) percentum per annum, payable semi-annually and to become due serially within ten (10) years from their date.”
The proposition states that the election shall be canvassed and certified to by the County Election Board and “that the specific projects for which at least eighty-five percent (85%) of the proceeds of the aforesaid Bonds shall be expended and the dollar amounts for each project shall be as follows…to construct, furnish, equip and/ or acquire a New Event Center with STEM classrooms.”