Lakeland’s $20 million in capital outlay notes is expected to close on Sept. 16. On Sept. 10, the mayor and commissioners announced the funding progress for the new middle school.
The PFM Group of Memphis handled the offering on Sept, 9, which was finalized at a 2.82 percent interest rate. The winning bidder was KeyBanc Capital Markets.
Jim Atkinson, Lakeland city manager, said, “We’ve been pleased with the entire offering process, thanks in part to Lakeland’s high rating with Moody’s Investment Services. The final interest rate actually came in a little under what we were expecting.”
The capital outlay notes will be paid back primarily with the $0.55 property tax increase that was approved by the Board of Commissioners this summer.
The funds from the capital outlay notes will be used to build the new middle school on the 94-acre Jones-Gilliland property located just east and north of the intersection of Canada Road and Highway 70. The parcel is under contract and is expected to close soon, after the final inspections are complete.
The new middle school is expected to be open in August 2018. A high school could be built on the property at some point in the future.
