Tattnall BOE to retire $2 million bond debt

At their regularly scheduled monthly meeting, the Tattnall Board of Education members made plans to pay off their final debt for a bond passed by voters in August of 2002.

Superintendent Gina Williams presented a report to the Board detailing to the payoff details of part two of a voter-approved initiative for education projects.

On August 20, 2002, Tattnall County voters authorized Qualified Zone Academy Bonds (QZAB) for two separate bonds. The first, referred to as 2002A, which totaled $2.5 million, was paid off in 2008. The second, 2002B, has an upcoming $2 million payment due on December 19, 2016.

From a statement provided by the superintendent:

“The $2 million, which was the Series 2002B Bonds, were the Qualified Zone Academy Bonds. SPLOST funds were placed into a QZAB account in the amount of $254,743.80 beginning April 1, 2004 through April 1, 2008 (one payment per year.) These payments totaled $1,273,719 and have grown in the account through investments and interest such that on October 31, 2016, the market vale of the account was $1,999,573.00 These funds will be liquidated and used to make the $2 million bond payment that is due on December 19, 2016. We have spoken with our Bond Agent Morgan Keegan and the Trust Agent to ensure that this occurs…This is a reason to celebrate as we are happy to be retiring this debt obligation.”

Williams and Board Chairman Richard Bland both praised the action.