The Morgan County Board of Education has finalized the sale of general obligation bonds for the construction of the proposed new Priceville High School and other capital improvements.

Legal documents needed to consummate the $26.5 million loan were signed by board members at their regular meeting Thursday night.

The warrants were sold Wednesday at an interest rate of 3.6 percent. They will be repaid over a 30-year period with the first annual payment due in October 2013. The payments

will remain at the same level of the school system’s current bonded indebtedness. The money will become available when the bond issue is closed on Sept. 1.

At the same time, a 2003 bond issue was refunded at a 2.9 percent interest rate, or 1.8 per cent lower that the current interest rate. This will result in a savings of a little more than $1 million.

“This is great news for your school system,” said Ken Funderburk, executive vice president of Merchant Capital LLC, the investment banking firm that handled the bond sale. “A few week ago we thought your would be able to borrow as much as $23 to $23.5 million without increasing your annual bond payment. Then, the figure rose to $24 million and yesterday (August 8) we caught the market right and we were able to get you $26.5 million. This increased your net savings from our original estimate of $650,000 to over $1 million.

Funderburk said the school system’s AA- bond rating had a lot to do with its bonds selling at very low interest rates.

Superintendent Bill Hopkins was all smiles when the results of the bond sales were reported, as well all board members.

“This opens an opportunity to fund some other needed capital improvements,” he pointed out.

The projected cost of the new high school is $20 million.

In other matters:

•The board accepted a low bid of $53,679.22 from Peck-Glasgow Insurance Co. for vehicle insurance coverage.

•Accepted the following low bids: batteries (all sizes),Truck Pro-Decatur; lubricants, W.H. Thomas Oil Co.; and gasoline and diesel, W.H. Thomas Oil Co.

•Accepted a low bid of $23,663 from J&M Signs for the installation of an outdoor sign at West Morgan High School. PSCA funds will cover $17,732 of the cost while the balance ($5,931) is being provided by local school funds, including a donation from the Town of Trinity.

•Approved a request from Falkville High School to allow out-of-state travel for eight students to attend the National FFA Convention in Indianapolis, Ind. Oct. 22-27, They will represent the state in the national FFA Forestry Team competition and will also receive National Chapter Recognition.

•Approved a special education transportation contract with Sabrina Stover, effective June 12, 2012. She will provide transportation for an eligible student from home to school (twice a day) each day the student attends school.

•Approved a contact for services with eight students who provided their own transportation to the 2011-2012 AHSGE remediation program at the Morgan County Learning Center. Students are only reimbursed transportation costs for the days they were present and participating in the program, the maximum number not to exceed 12 days. The reimbursement rate is $20 per day and is funded through High Hopes.

Personnel items recommended by the superintendent and approved by the board are listed as follows:

•Approved Hanna Bates as a CNP worker at Danville High School, effective at the beginning of the new school year. She is replacing Nora Campbell who resigned.

•Approved a contract for services with Angela Tomlin as summer school teacher at Falkville High School, effective for the 2011-2012 school year.

•Approved the reassignment of Kristy Black from eighth grade science and math teacher to eighth grade science and seventh grade math teacher at West Morgan Middle School, effective with the beginning of the new school year.

•Rescinded a previous board action transferring Steve Hardy from eighth grade teacher at Danville Middle School to 9-12 grade history teacher at Danville High School, effective with the beginning of the new school year.

•Accepted the resignation of Heather Sterling as a kindergarten teacher at Falkville Elementary School, effective July 18, 2012.

•Accepted the resignation of Scarlett Kirby as a pre-school bus driver at Cotaco, effective at the end of the 2011-2012 school year.

•Approved a contract for services with the following employees to administer the AHSGE, effective June 11, 2012. Ben Estes, Carole Sharp, Darrell Haynes and Marsha Smith.

•Approved the transfer of Kathy Campbell from 6-8 grade band teacher at Eva School to 6-8 band teacher at Union Hill School, effective with the 2012-2013 school year.

•Approved the transfer of Patrick Dailey from 6-8 grade band teacher at Union Hill School to 6-8 band teacher at Eva School, effective with the 2012-2013 school year.

•Approved Neil Gillies as welding instructor at Brewer High School, effective with the beginning of the new school year. He is replacing Thomas Britton who was non-renewed.

• Approved Lisa Lang as a countywide SPED hearing impaired teacher at the Morgan County Learning Center, effective with the beginning of the new school year She is replacing Lauren Murphy who was non-renewed.

•Approved the transfer of Brian Ellis from math/science teacher at the Morgan County Learning Center to counselor at the Morgan County Learning Center, effective with the beginning of the new school year. He is replacing Charles Smith who retired.

•Approved Tanya McCain as a countywide full-time gifted teacher at Priceville Elementary School, effective with the beginning of the 2012-2013 school year. She is a new hire.

•Approved a contract for services with Kim Holmes to provide AHSGE remediation services, effective during the 2011-2012 school year.

•Accepted the resignation of Julie Kimberley as counselor at Lacey’s Spring School, effective July 27.

•Approved the transfer of Donna Smith from 6-8 special education teacher at Priceville Junior High School to countywide SPED teacher, effective with the 2012-2013 school year. This is a new unit.

•Approved the transfer of Brent Vest from PE teacher at Falkville High School to PE teacher at Danville High School, effective with the 2012-2013 school year. He is replacing Doug Oldacre who transferred.

•Approved the transfer of Leah Rogers from second grade teacher at Priceville Elementary School to K-6 teacher at Sparkman School, effective with the beginning of the 2012-2013 school year. She is replacing Melissa Ozbolt who transferred.

•Approved Darlene Lambert as a countywide bus aide at Sparkman School, effective with the 2012-2013 school year. She is replacing Regina Mooney who transferred.

•Approved the transfer of Laurie Smith from third grade teacher at Falkville Elementary School to countywide reading coach at Lacey’s Spring and Falkville Elementary Schools, effective with the 2012-2013 school year. She is replacing Dana Speegle who is transferring.

•Approved the transfer of Dana Speegle from countywide reading coach at Lacey’s Spring and Falkville Elementary Schools to third grade teacher at Falkville elementary School, effective with the 2012-2013 school year.

•Approved Lisa McMiniss as a countywide bus driver, effective with the 2012-2013 school year. She is replacing Nikki Wade who transferred.

•Approved Ashley Black as a cosmetology teacher at Brewer High School, effective with the 2012-2013 school year. This is a new hire contingent on the reissuance of her teaching certificate.

•Approved the transfer of Shelly Holmes from a full-time Spanish teacher at Danville High School to a half-time Spanish teacher at both Danville and Falkville High Schools, effective with the 2012-2013 school year.

•Approved Scarlett Kirby as a countywide instructional aide at Sparkman School, effective with the 2012-2013 school year. She is replacing Derek Blagburn who transferred.

•Approved the transfer of Pamela Rene Brown from head custodian at West Morgan Elementary School to custodian at West Morgan High School, effective with the 2012-2013 school year. She is replacing Shelia Johnson who was terminated and will be placed on a 12-month contract.

Accepted the resignation of Renee Hardin, a CNP worker at Falkville High School, effective Aug. 6, 2012.

•Approved Betty Watson as a CNP worker at West Morgan Middle and High School, effective with the 2012-2013 school year. She is replacing Beth Corbett who transferred.

•Approved the transfer of James Parker from social studies teacher at West Morgan High School to 9-12 social studies and history teacher at Danville High School, effective with the 2012-2013 school year. He is replacing Mike Johnson who transferred.

•Approved Ryan Wade as a countywide SPE support staff member at West Morgan High School, effective with the 2012-2013 school year. He is replacing Deanna Workman who was non-renewed.

•Approved the reassignment of Chad Summerford from first grade teacher to kindergarten teacher at Falkville Elementary School, effective with the 2012-2013 school year.