The Watson Chapel School District has received bids from six qualified investment firms for a Construction Bond needed to assist with construction costs of the new high schools. On Monday night the Watson Chapel School Board voted to award CINCaP Investment Group the winning bid, which will have an interest rate of 4.329134%.
The Watson Chapel School District will net $8,009,169.00 in funds to go towards the new high school construction costs.
Additional bidders include Crews & Associates, Inc. which bid an interest rate of 4.684880%, Raymond James and Associates, Inc. which bid an interest rate of 4.731042%, Stifel, Nicolas & Co., Inc. which bid an interest rate of 4.785168%, Robert W. Baird & Co., Inc. which bid an interest rate of 4.842781%, and FHN Financial Capital Markets which bid an interest rate of 4.90769%.
Superintendent Tom Wilson spoke with Deltaplex News following the school board meeting to explain why CINCaP Investment Group’s bid was accepted.
Wilson spoke about the interest that will accrue for the District off of the funds, in addition to the $15 Million the State of Arkansas is kicking in towards construction costs, in addition to saying the District would like to use as many local subcontractors as possible.
Wilson presented plans for the new school which include a court yard that will be contained inside of the buildings that students will be able to access. Wilson said that court yard will present new safety measures for the high school.
He also spoke about additional safety measures that will be included in the new high school.
In other news, the board welcomed two new members in Rosemary White and Connie Compton, who were both recently voted onto the school board by local citizens. Additionally, the School Board voted in Donnie Hartsfield as the new School Board President, Kevin Moore was voted in as the new School Board Vice President, and Alan Frazier was voted in as School Board Secretary.
