Schools outlook is great

Published 12:00 am Tuesday, February 21, 2006

An excellent credit rating and a prosperous outlook have brought good fortune to the Shelby County School System.

The Shelby County Board of Education has deposited more than $50 million into its accounts. That $50 million will be used to build a new Calera High School and a Helena Middle School as well as various other needs countywide.

The school board pledged a portion of future sales taxes to retire the $50 million debt.

A representative from Morgan Keegan said the bond work was not a gamble by any means.

Instead, he said, it was the result of good work and good planning on the part of school board officials like Superintendent Evan Major.

With the election quickly approaching in November, Major&8217;s time as head of the county&8217;s school system is coming to an end.

And with this most recent endeavor, his value is evident.

Major and his staff have worked hard to create a financially sound system.

An A2 rating by Moody&8217;s Investors Service and an A rating by Standard & Poor&8217;s for the $50 million school warrants shows the value of the Shelby County Schools&8217; credit.

Working with an interest rate of 4.534 percent, the debt service on the bonds will be $3.44 million per year, almost $100,000 less than originial projections. That is good news for Shelby County students.

We have Superintendent Major and his staff to offer our appreciation to. Your hard work has not gone unnoticed