The track renovation this summer will be funded by the sale of the old Board of Education office at 14 N. Cherry St, fund raising efforts, and private donations.
Ohio Revised Code states that revenue from the sale of school property can only be used for bond retirement or permanent improvements. These funds cannot be used for the daily operations of the school district. Therefore, the funds from the sale of the property ($125,000) and the private donations that have been collected during the past three years ($50,000) will be used for the track improvements the summer.
"Permanent improvement money" can be used to repair or improve facilities (such as leaking roofs, etc).
One board member I spoke with said the Board has not yet voted to spend the money and the discussion was not slated for Tuesday's Board Meeting. A company specializing in track installations was to give a more precise estimate of construction costs.
The completion date for the new track is scheduled for July 15, 2007 in time for the Relay For Life event.