WINFIELD -- Putnam school board members on Monday unanimously approved to sell the bonds to pay for $57 million worth of school construction.

Putnam Schools Superintendent Chuck Hatfield said in January there was a good possibility of the bond bids opening sometime in March. He instructed school officials to "tentatively" mark their calendars.

Hatfield said Monday the bonds are tentatively scheduled to be sold March 10.

The county's bond consultant, Bill Bragg of Goodwin & Goodwin, LLP, said electronic bids will be projected on a widescreen TV at 11 a.m. that day in the school system's central office in Winfield. The closing date is scheduled for March 24.

"This is a fairly major step," said board president Craig Spicer of the bond sale.

The bonds are intended to pay for construction of new facilities for Poca Middle School, Confidence Elementary School and Buffalo High School, to build three high school auxiliary gyms and a new gym for Winfield Elementary School and to fund renovations of Poca Elementary School.

Voters approved the bond issue in August, making it the first school bond to pass in Putnam County since 1976. According to Monday's resolution, 5,169 voters approved the bond in August, while 4,047 voted against it.

The school board in October signed a declaration of intent to issue the bonds, and at that time board member Deborah Phillips said bond rates then were "extremely low."

Still, Hatfield said the rate would not be locked in until the bonds are officially sold.

The board has restricted itself to securing an interest rate of no more than 6.75 percent, though officials expect the rate will actually be much lower.

Treasurer Bill Duncan said the first principal payment, due in May 2011, is estimated at $2,430,000. The last principal payment, he said, due in May 2025, is estimated to be $5,095,000.

"There have been a lot of questions about when work will begin, but you can see it's more complex than that," Hatfield said.

"But once we're started, we'll have a lot of sites going at once, and each dollar is set forth to how it will be spent."

Spicer agreed, "It's another step in a wonderful process to improve the school system. Hundreds of people have worked on this project, and now it's all coming to fruition."

Most of the construction projects are scheduled to be completed by August 2012, while construction of a new Buffalo High School and four new auxiliary gymnasiums could be completed earlier, by 2011. Some of the work is expected to begin this summer.

National Video