The Talladega County Board of Education in Alabama needed to raise more than $10 million for various capital improvement projects so it could continue to meet the needs of its students. Complicating the matter, the revenue from one of the local property taxes was insufficient and set to expire within two years, and the board also had debt that needed to be restructured at lower interest rates. Working with the board’s underwriting firm, Bradley helped the school board raise the necessary funds to meet its goals.
Securing the money for the board’s capital projects required a complex and multi-stage strategy that took into account numerous stakeholders and time-sensitive matters. First, the board needed temporary or construction financing to begin the work. Next, it requested that the County Commission call for a tax election in January 2016 to provide increased and ongoing funding. The election carried its own specific legal issues related to campaigning and drafting the proceedings, to say nothing of the challenges inherent in seeking popular approval for a tax increase. Finally, the board had to secure long-term financing for its projects once the other pieces were in place.