Haleyville Board of Education & the Haleyville City Council hear 
proposal from Bob Young to fund $11,500,00
for the construction of a  new Haleyville Middle School

Tuesday, June 26 - Haleyville High Conference Room

The Haleyville Board of Education (BOE) and the Haleyville City  Council met to discuss the city issuing bonds to finance the  construction of the new Haleyville Middle School. Both entities were  addressed by Bob Young, a representative of The Frazer Lanier  Company, investment bankers.

L-R Bond Attorney, Jim Birchall and Bob Young, Frazer Lanier Company

The proposed amount is $11,500,00,  (eleven million, five hundred thousand dollars). The agreement calls  for the city to continue contributing $150,000 per year and the Board  of Education paying the balance of the payments for 30 years. This is the same type arrangement the city has had with the BOE for  the past twenty years to fund the construction of the Haleyville  Elementary School. The purpose of the arrangement for the city to  issue the bonds instead of the Board of Education is to secure a  lower rate. Cities receive much lower rates because they have the  ability to tax. Thus, a city can pledge a portion of its revenue  toward bond payments which makes getting insurance for the bonds  easier. Insured bonds are easier to market with a lower rate. Mayor Albright and all councilmen except Johnny Frazier were present  along with all members of the BOE. The council will vote on the  proposed agreement and the issuance of the bonds at a future meeting.