The Clarence School Board Tuesday agreed to borrow $20,995,000 through long-term bonding to finance a major renovation project at the high school.
Projected at $23 million, the project will revamp and reconstruct all facets of high school infrastructure to add and make better use of instructional space while upgrading mechanical systems and teaching technology.
About $2 million of the project will be financed from the district's surplus. Voters approved the project in March.
The interest rate on bond financing is expected to be about 5 percent with a pay-back term of 20 years. The first payment is expected in 1998.
Taxes are estimated to increase about 26 cents per $1,000 of assessed valuation as a result of the project.
The board also:
Awarded the first construction contract for the project to Greenauer Development Inc., which will receive up to $331,000 to install 2,500 feet of sanitary sewer line, hooking the school to the county sewer system.
Appointed head maintenance mechanic crew chief Kim Merrihew interim superintendent of buildings and grounds at $44,500 a year to fill the spot of Daniel Ettipio, who was granted a leave of absence to act as coordinator of the reconstruction project.