County board to help private school with money problems - KAIT Jonesboro, AR - Region 8 News, weather, sports

County board to help private school with money problems

JONESBORO, AR (KAIT) -

A board established more than a decade ago to help a Jonesboro private school fund a new building will now help the school with its financial troubles.

In 2002, the Craighead County Arkansas Public Facilities Board was established for the sole purpose of helping Ridgefield Christian Academy obtain tax-free bonds to build a new school on Casey Springs Road in Jonesboro.

At the beginning of this year, Ridgefield Christian filed for Chapter 11.

Doug Gilmore, a member of the original board, told Craighead County Quorum Court members at their Monday meeting the board will negotiate with the school on a new payment plan for its remaining debt.

The interest rate on the school’s bonds is currently at 6 percent.

Board members feel that should be lowered. 

The board will meet with the Ridgefield Christian administration to figure out how to settle the debt.

All but 1 Craighead County Quorum Court member voted to reauthorize the board and have it work with the private school.

District 11 Justice of the Peace Garry Meadows of Brookland was the only dissenting vote.

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