Atlanta, GA – Facilities expansion plans for Lake Oconee Academy (LOA), a Greene County public charter school, suffered a setback today with a Georgia Supreme Court ruling that denied revenue bonds for construction.
The ruling upholds an earlier Greene County Superior Court decision denying the validation of revenue bonds.
Lake Oconee Academy had hoped to use $14 million in bonds, to be issued by the Greene County Development Authority, to finance construction of new buildings to serve grades 9-12, an expansion already approved in its charter.
Dr. Tony Roberts, President & CEO of the Georgia Charter Schools Association expressed disappointment with the court ruling. “Good public schools are powerful engines for economic development. Lake Oconee Academy has ably demonstrated that a school with a national reputation for academic excellence brings jobs to a community, and encourages families to locate and invest in Greene County. The ruling underscores the challenges Georgia’s charter schools face when it comes to financing their facilities. We will continue to advocate for equal funding options for charters so that outstanding schools like LOA can replicate and grow.”
Lake Oconee Academy, a 2014 National Blue Ribbon School currently enrolls students in grades PreK-9. The school was recently named one of the top 50 public elementary schools in the nation, by TheBestSchools.org,