Business
June 25, 2008
SBA will sell bonds on Wall Street

Members of the state School Building Authority hope that by selling bonds on Wall Street, they will help secure $100 million to help build schools over the next three years.

SBA members made the decision at a meeting in Hancock County on Monday.

Mark Manchin, the agency's executive director, expects the bonds will be sold in late July, and free up $20 million this year, $60 million in 2009 and $20 million in 2010.

He figures the investment can't hurt, as the dollar amount that county leaders request to help build schools each year far exceeds the money on hand. 

Manchin has said the SBA would invest some of its annual budget toward debt service, the money needed to pay the principal and interest on a debt.

Also Monday, SBA members approved new building standards for school construction. The new "quality and performance standards" will set requirements for construction schedules, materials, roofing, flooring, indoor and outdoor walls, the quality of doors and windows and more.

Some West Virginia school architects had worried that "cookie-cutter" schools might start to eliminate the architect's role.

"I think we've allayed their fears," Manchin said. "It's not our intent to require the exterior of [buildings] all look alike."

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