Schools will serve as collateral for Phase I loan

INDEPENDENCE — A motion to use the two schools included in Phase I of Grayson’s long-term facilities improvement plan as collateral for an extended loan was nearly defeated after two board members disagreed with the idea.
Dennis Howard, senior vice president of SunTrust Bank, attended the Grayson School Board meeting last Monday night to explain the plan.
The county originally borrowed $16.3 million for Phase I of the plan, which includes the new Grayson Highlands School in the western end of the county and renovations and additions to Fries Middle School.

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