SEBASTIAN – The 15-year contract extension for Sebastian Charter Junior High is hanging the balance while school officials work to secure a different loan.
The school received the extension in October 2010 as part of the requirements for a $2.5-million USDA loan to be used for building a permanent school structure to replace its aging portables.
Since then, though, school officials have been able to find a better loan that would save the school money.
“I commend you and your board,” School Board member Carol Johnson said, directing her comments to the school’s principal Martha McAdams.
Sebastian Charter Junior High has until Sept. 15 to secure the new loan or lose the 15-year contract extension that would allow the school to continue to operate through June 2026.
The current contract ends June 2015.
“I hope this works and helps you,” School Board member Karen Disney-Brombach said.
From the audience, McAdams stood and said “thank you” for the board’s unanimous approval of the extension.
The new loan the school hopes to acquire would be a traditional loan for $2.5 million with a lower interest rate than that of the USDA loan.
