The Lincoln County School Board passed a resolution Monday tosell $3.8 million in bonds to begin construction on each of itsfour campuses.

The bond issue was passed in September when voters authorizedthe district to sell the bonds.

The board reviewed four bids Monday before selecting the bestbid.

Duncan Williams Investment Group of Memphis, Tenn., inassociation with First Bank of McComb, received the contract byoffering a net interest rate of 4.19 percent.

Gross interest on the bond loan is $1,791,967.50 with a 17 andone half years maturity. The final payment will be made on June 1,2020, according to the bid.

Board members were very pleased with the bid. An interest rateof 4.95 percent had been expected, meaning gross interest ofapproximately $2,112,000.

“We promised a 4.5 percent, and we’ve done that. We even managedto get a bit lower,” said Jason Akers of Adams and Reese LLP, thefirm handling the sale.

That percentage means the county will not have to raise taxes asmuch as expected, Akers said.

Board members expected a millage increase of 4.95 mils to coverthe bond loan, but Akers said only a 4.11 mil increase should benecessary. He added, however, that those millage rates wereunconfirmed.

“You are well below what you promised the citizens of thedistrict,” Akers said. “You can be proud of that.”

With the board’s passage of the sales resolution Monday, Akerssaid they should be able to actually sell the bonds to DuncanWilliams and close on the contract by Dec. 18.

The board has already moved forward on some of its plans for thebond money by advertising for bids on the demolition of buildingsat Loyd Star and West Lincoln Attendance Centers to make room forthe new buildings.

Those bids will be accepted during a called board meeting Nov.25.

“We are anticipating at least eight bids for the demolition workat Loyd Star and West Lincoln schools,” said Superintendent PerryMiller.

General fund monies used before the bonds are sold Dec. 18 willbe replaced with the sale, Miller said.

The board also expressed their public appreciation to PhillipGrady, administrator of King’s Daughters Medical Center, forallowing Kim Bridges, R.N., to administer Hepatitis B shots to allsixth graders in the district at no charge and flu shots fordistrict employees at a minimum charge.