Why does the troubled Fayette County Schools want to issue $73 million in bonds?
The Fayette County Board of Education is considering issuing $73 million in bonds, including $9.2 million in new bonds to fund renovations at Paul Laurence Dunbar High School and $63 million to refinance previously issued bonds so it can save money on debt service.
The resolution is set for a vote at the board’s regular monthly meeting Monday.
“The Board desires and intends to issue up to $73,000,000 of general obligation bonds in one or more series,” an executive summary dated April 13 states. “The resolution allows for the funding of approximately $9,200,000 of repairs and improvements to Paul Laurence Dunbar High School and the refunding of approximately $63,000,000 of prior bonds.
“The refunding bond candidates include the prior series 2014A REF, 2014B, 2018A and 2019 bonds. Total savings are estimated at $2,000,000 and must meet KDE and SFCC savings thresholds in order to proceed.”
Superintendent Demetrus Liggins announced Thursday that FCPS finances have been misstated for years, going back to 2008. The district will need a short-term loan to cover costs until tax revenues are collected, said Kyna Koch, interim chief financial officer for FCPS.
On Friday night, district spokesperson Miranda Scully told the Herald-Leader, “The bond issue for Dunbar is different from the short term loan. These are two totally different terms and type of loans, completely different issues. FCPS has not confirmed the short term loan nor the terms of the loans. We ask that the media and community allow us time to share information as we confirm and finalize it.”
Maintenance problems have come to light at Dunbar in recent months, as staff members complained of a leaking roof that was akin to rain inside the building.
The theater auditorium closed for repairs after smoke was seen near the upper stage lights in February, prompting a visit from the Lexington Fire Department to ensure there was no active fire.
And Brooke Jackson, a technology resource teacher at the school, sent a letter to school officials saying bats and rats have been inside the school, which she said is also plagued by moisture, failing pipes and poor ventilation.
School Principal Scott Loscheider sent a letter to parents last month saying the district has a plan for repairs and has budgeted for and approved a full roof replacement. He said much of the work is expected to be completed over the summer.
This story was originally published April 24, 2026 at 8:32 PM.