DOTHAN, Ala. (WDHN) — Dothan City Schools has moved to borrow more money to pay for school upgrades.
During Thursday’s special meeting, the board approved “financing of $11.9 million in ESCO financing to Banc of America for a fixed rate of 2.21% for a term of 19 years.”
The loan will be used to replace the heating, ventilation, and air conditioning system at some schools and to replace school lights with LED lighting.
The LED lighting will be more energy efficient to help the schools save money.
“From those savings, we’re going to replace the HVAC system at Dothan high, Carver, and Selma Street, and the savings from the energy … will help fund the debt service on the bond issue,” Chief Financial Officer Mike Manuel said.