The Woodlawn School Board has approved a bond issue that will provide more than $2 million toward construction of a new career education center at the Woodlawn High School campus.
The board approved a resolution during its regular meeting last Thursday authorizing the issuance of approximately $2.2 million in bonds.
After fees and expenses are deducted, the district is expected to receive about $2.1 million in construction funds.
The bond issue was awarded to Carty, Harding & Hearn of Memphis after the firm submitted the lowest interest rate among four bidders at approximately 4.10%.
Other bids came in at 4.2% or higher.
The district’s financial adviser, Jason Hosclaw with Stephens Inc., said the bond issue is scheduled to close Aug. 18, with the district having three years to use the funds.
The bond proceeds will be combined with state partnership funding to help pay for the new career education center.
Woodlawn received approximately $1.29 million in state partnership funding for the project.
The career education center is part of a larger construction effort funded by a 2-mill tax increase approved by voters in May 2025.
The increase was intended to support both the career education center and an expansion of the school cafeteria.
The board previously approved a separate bond issue of about $1 million in October to support the cafeteria project.
Superintendent Dr. Kevin Hancock told the board the cafeteria expansion is currently about 22% complete, while plans for the new career education center are still being developed.
Following the latest bond issue, the district is expected to have annual bond payments of about $225,000, with the debt scheduled to be paid off in June 2055.
Hosclaw said the district receives about $500,000 annually to cover its bond obligations.
