May 1-- The Vidalia school system is involved in two construction projects and is borrowing money to pay the bills using projected income from its sales tax revenue as collateral.
School Superintendent Dr. Tim Smith says the money will be used as needed to pay for work at J.R. Trippe Middle School and J.D. Dickerson Primary School.
"We're doing exactly the same thing to go ahead and finish out paying for this renovation and field house project as we did with Sally Meadows Elementary. We'll establish a line of credit and we'll draw on it when our expenses surpass the money we have in the ESPLOST account and then we'll use the incoming ESPLOST money to pay it back, just like we did last time, and it'll take about a year," Dr. Smith estimates.
He says the school system will seek a line of credit of $1.5 milliion from banks in Toombs County. "We'll ask them all to submit a proposal and we'll take the best one," he reports.