The bad news- A document signed off on by Superintendent C. J. Huff and CFO Paul Barr asks the Joplin R-8 Board of Education's approval to pay $10,000 to correct another administration mistake.
The good news- At least it isn't another $100,000 for having the wrong color gym seats.
The mistake, according to the document, was made when the district took out loans, about $74 million worth at last count, to finish construction of Joplin High School (and to keep afloat). District officials put up the new JHS/Franklin Technology Building as collateral.
Somehow, they also included the Franklin Tech construction technology home, which means that unless it is removed from the note, the district will be unable to sell the home.
To correct that mistake will cost $10,000, according to the document:
The Board of Education approved a lease-purchase financing that collateralized the unified properties at the JHS/FTC building site. Survey and title work for the unification took place beginning last summer.
The lot parcel for 2425 Grand (FTC construction technology house) was inadvertently included in the unified JHS/FTC lot.
The $10,000 includes paying for the bond counsel, bond trustee, and survey work, according to the document.
How much does Mr. Rouse get paid as counsel?
ReplyDeleteThis would not be for Norman Rouse. The bond counsel is an entirely different person. Rouse advises the Board of Education during its meetings, but other, much more expensive, lawyers are hired to handle all of the district's lawsuits, and things such as this.
ReplyDeleteWow. How many other "mistakes" have been made that we don't know about yet?
ReplyDeleteWe had 2 1/2 lots surveyed after the tornado in an area very close to the house in question--cost us $350. Our lawyer, one of the best in town, charges us $150/hour. $10,000???? WTF?!?!?
ReplyDeleteThe FTC HVAC lab has no gas line, heating and air program teaching kids with no gas line. $100,000 to fix that mistake.
ReplyDeleteI wonder if he has his family this far in debt.
ReplyDeleteThe FTC Ag shop got cut so ther could have all the AstroTurf and I want sports stuf.
ReplyDeleteGeez witch is going promote learning. Just saying.
From your spelling, you weren't doing much learning.
DeleteI have to ask what a lease purchase is. Is it like rent to own appliances? If it is then a $10,000 paperwork fee is pretty cheap. I hear some of those rent to own places really take it to people.
ReplyDeleteIt is probably a good thing they haven't been borrowing from payday lenders to help make ends meet.
The fix to this and other problems is easy. FIRE HUFF!!!!!!
ReplyDelete"I love money. I love money more than the things it can buy. There's only one thing I love more than money. You know what that is? OTHER PEOPLE'S MONEY."- Lawrence Garfield in: Other People’s Money (1991)
ReplyDelete