$884K project to be paid with settlement funds

Christopher Maher, Alice Echo-News Journal

SAN DIEGO - Repairs will soon be underway on the roof of Bernarda Jaime Junior High School in San Diego, following a vote by the San Diego Independent School District's Board of Trustees Wednesday.

The board approved a bid from the Burton-Gomez Professional Roofing Company of Taft, to repair the roof of the junior high school, which reportedly has several major leaks.

The total cost of the repairs is estimated at $884,000, which will be paid from a $2.3 million settlement the district recently received from a lawsuit filed in connection with damage to the school.

The new roof, which will have a 15-year warranty, should be completed by October, district officials said.

The board of directors also opened bids from three area banks on a two-year deposit contract for the district's funds.

First State Bank of San Diego submitted a bid proposal offering 4.18 percent annual percentage yield (APY) on money market account deposits totalling between $250,000 and $999,999, with an increase to 4.59 percent APY for accounts of $1 million or more.

Texas Champion Bank submitted a bid proposal offering 4.18 percent APY for a money market account with more than $250,000 in its balance, and IBC Bank submitted a bid offering 4.5 percent APY for accounts with at least $250,000 in their balance.

Following the opening of the bids and some discussion, the board of trustees voted to table the item to approve a bid to allow district staff to analyze the details of the bid proposals and then present that analysis to the board.

The district currently has a contract with First State Bank of San Diego, but that contract is set to expire next month.

In other business, the board approved the hiring of several teachers and staff members for the summer.