BCSD finalizes issuance of $98 million of bonds to complete districtwide capital projects

School Board Chairwoman Sally Wofford announces that the Berkeley County School District (BCSD) has completed the scheduled issuance of the $98-million General Obligation Bonds, which will be used for various capital projects including the construction of new schools. The bonds are part of the $198 million referendum approved by the voters of Berkeley County in 2012. The proceeds will be used to complete Philip Simmons High School, construct Bowen’s Corner Elementary and Foxbank Elementary Schools, and renovate the Berkeley Education Center.

In recent months, following the termination of the BCSD Chief Financial Officer for embezzlement of school district funds, the Board assembled a team of employees, led by Interim Superintendent Deon Jackson, as well as legal and financial professionals, to guide it through the process of issuing the voter-approved bonds.

Chairwoman Wofford noted, “After months of work, the District was able to maintain its high bond ratings from both Moody’s Investors Service (Aa2) and Standard & Poor’s Financial Services LLC (AA) because the team demonstrated its commitment to restore financial stability to the school district. The actions we have taken include replenishing the depleted reserve fund, improving the on-going continuing disclosures to bondholders, ensuring that proceeds of past borrowings are being appropriately monitored and spent, and fully assisting in state and federal investigations. The District also proactively engaged forensic auditors and ordered a full financial investigation of the District by its legal team.”