In June the Clinton Board of Education issued $10-million in working cash bonds as a part of the referendum that was approved earlier this year.

On Tuesday night, the Clinton Board of Education issued the rest of those bonds. Superintendent of Clinton Schools Dr. Jeff Holmes explains last night's action just completes the issuance of the bonds as they told the tax payers and voters they would do.

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Issuing the bonds in June had a two-fold benefit. The first was the interest rate was very low. With the recent election, school officials questioned whether the rates could remain low, so issuing them then ensured some of them would have that low interest rate. The second benefit according to Dr. Holmes was allowing local banks the opportunity to purchase a portion of the bonds issued.

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Dr. Holmes realized the local banks will not be able to buy all of them, however, he felt it would be best if the Board gave them the opportunity to do so and keep the money local. Issuing the working cash bonds will allow the school district to continue funding the new elementary school, and it will keep the tax rate consistent with it's current rate.