The Knoxville School Board set a bonding public hearing for the funding of a new elementary school for July 14th at their meeting Monday night.

The public hearing will be for the proposed issuance of approximately $26 Million in school infrastructure sales, services and use tax revenue and refunding bonds. The bonding will pay for roughly ⅔ of a new school in the Veterans District with the other third being paid for by $12.4 Million in general obligation school bonds which will be voted upon in the upcoming November General Election. School Business Manager Craig Mobley says with a project like this the funding has to be split up.

“The unique thing about this proposed project for a new elementary building is that the district would have to split up the financing for it. Roughly a third of it would be for the general obligation bonds and then two thirds of it would be borrowing from sales tax through revenue bonds and also refunding some of our current issue of revenue bonds.”

The public hearing will be at the regular session school board meeting on July 14th.