The Board of Directors for the Â鶹´«Ã½AVeast Cornerstone School Division made several decisions regarding the upcoming renovations at the Weyburn Comprehensive School at their latest meeting.
The first phase of the Weyburn Comp project will go to Quorex Construction Services Ltd., which submitted a bid of $24.4 million for the initial phase of the project. The bid will now go to the Ministry of Education for approval, and once that has been approved, the project can begin.
An operating line of credit for $20 million was approved by the Board and will now go to the Ministry for approval. An application will also be made to the Ministry and Saskatchewan Municipal Board for permission to borrow the sum of $9.5 million for the Weyburn Comprehensive project, which will be repayable over a 20-year period.
This sum is the cost Â鶹´«Ã½AV East Cornerstone will pay for the remodelling of the Weyburn Comprehensive School. The amount of this debt will be payable in monthly instalments of principal and interest for the years 2011-31 inclusive, with an interest rate of 4.67 percent.
