Construction equipment stands at the ready Monday June 13, at the South Tama High School. A timetable for work on the $6.3 million addition is to be announced this week. Chronicle/John Speer

The South Tama School Board met in Special session Wednesday, June 8, in the South Tama County Administration Office with members President Michelle Yuska, Mark McFate and Alan Kline present. Members Penny Tyynismaa and Jackie Dvorak were absent.

McFate introduced a resolution reading, “On May 23, 2016, the STC School District took action to accept the proposal of BB Government Financing, Charlotte, North Carolina, to purchase the School District’s $6,315,000 School Infrastructure Sales, Services and Use Tax Revenue Bonds, Series 2016, with BB&T’s proposal subject to the condition that formal credit approval on the final debt structure be obtained.

“The School District has received indication that such formal credit approval on the original final debt structure has not been obtained and therefore the original proposal from BB&T was rescinded. BB&T has submitted an updated proposal to meet the District’s perceived financing needs.”The School District has received an updated proposal from BB&T along with confirmation from the prior second place proposal of the willingness to hold the original rate proposal for the sale of the Bonds.”

Board members voted 3-0 to approve the bond arrangement.

It provides for the principal amount of $6,310,000, bearing interest and maturing on July 1, 2029, at an interest rate of 2.30%. There will be a total debt service of $7,674,878.14, with the last payment being July 1, 2019.

STC?Superintendent Mary Jones told The Chronicle a construction schedule will be set this week.