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X005 f_ ~.rsc 473 <br />Commissioner wicker inquired why the Southern Elementary School had been built <br />ahead of schedule, and Superintendent Johnson stated that the original plan <br />was to construct East Lee, West Lee, Bragg Street and Greenwood, and then Deep <br />River, schools. However, after the completion of East Lee and West Lee a <br />study was made that determined that the Bragg Street school was obsolete and <br />the School Board elected to construct the Southern Elementary School rather <br />than to make repairs and additions which would not serve the purpose intended. <br />follows: <br />The plan proposed for financing the Greenwood School was as <br />1987-88 Remaining bond Funds 11000,000 <br />State Funds 570,792 <br />1,570,792 <br />1988-89 State Funds 413,274 <br />County Funds 500,000 <br />Issue 2-year County Notes 610,000* <br />1,523,274 <br />Total both years <br />31094,066 <br />1989-90 State Funds <br />320,933 <br />County Funds <br />500,000 <br />820,933 <br />1990-91 State Funds <br />354,730 <br />County Funds <br />500,000 <br />Issue 2-year County Notes <br />676,000* <br />1,530,730 <br />Total 51445,729 <br />Less estimated legal fees and <br />interest on County Notes 185,000 <br />Total for Project construction 5,260,279 <br />*Total notes issued 1,286,000 <br />Note Payback Schedule: <br />1991-92 State Funds 390,946 <br />1991-92 County Funds 500,000 <br />1992-93 State Funds 404,917 <br />1,295,860 <br />