School Board OKs borrowing up to $288M

Collier County School Board members took the next step in building new schools and improving existing ones on Thursday.

The board unanimously passed a motion that would give the district the ability to borrow up to $288 million to begin work on six new schools through certificates of participation. The money would also allow for additions and renovations to Pinecrest Elementary, Village Oaks Elementary, Highlands Elementary and Golden Gate Middle School.

Certificates of participation are the mechanism the school district uses to borrow money for new buildings or additions to existing ones, said Bob Spencer, executive director of financial services. The district asks the board to approve a certificate whenever a new building, or an addition to an existing building, is needed.

While board members authorized the certificates, some expressed concern for the large amount of outstanding debt the district will incur.

“If my math is correct, we have $380 million outstanding and with this $280 million, that is three-quarter of a billion dollars in construction and debt,” said School Board member Linda Abbott. “It’s a very large sum of money, and a large move. And we don’t take it lightly, it’s just a little overwhelming.”

There is currently about $260 million of outstanding principle on other certificates, Spencer said.

School Board chairwoman Kathleen Curatolo said the need for new schools and renovations reflects the growing number students attending Collier County schools.

Because the district will lock in the interest rate applicable at the time of borrowing, Curatolo said approving the certificates now was the responsible thing to do.

“(When it comes) to structuring debt, we are quite fortunate that this is taking place at this point in time economically because it will bode well for the board financially,” she said.

The certificate of participation will fund the building of Marco Island Charter Middle School and Elementary Schools G, J, K and M and Middle School EE.

Alvah Hardy, executive director for facilities management, updated board members on the progress of all of the district’s projects, including those mentioned in the certificate of participation authorization.

Hardy said during the presentation that several of the schools are projected to be completed by August 2007.

While School Board members authorized certificates of participation, they also made some changes to current buildings in the district Thursday.

The board unanimously decided to change the name of the district’s professional development center to the Leila B. Canant Professional Development Center, to honor one of Collier’s first teachers.

Canant, who died earlier this year at the age of 100, taught English in the district for 41 years, most of which time she spent as a teacher at Naples High School that was once located in the same building as the development center.

Curatolo said the board considered naming a different school after her, but kept coming back to the development center.

“The best option was the professional development center because she worked in the building,” Curatolo said.

School Board members Pat Carroll and Dick Bruce spearheaded the move to rename the school, Curatolo said.

Carroll said she knew Canant personally and was motivated to do something to honor her time in the district.

“Of any of the teachers in the district, and the district has many committed teachers, there was something special about Leila Canant,” Carroll said. “She was such a gracious lady.”

Carroll said Canant’s granddaughter was in the audience Thursday, and family members were thrilled to hear the school would be renamed in her honor.

“I am just so pleased,” Carroll said. “This is just a true honor.”