Reconstruction of the tennis courts at Three Rivers High School is underway, as Southern Michigan Bank & Trust has been selected to provide the loan for the project.
In action at last week’s Three Rivers Community Schools Board of Education meeting, members adopted a resolution for an installment purchase agreement with SMB&T for a loan in excess of $550,000.
Homer-based Quality Asphalt Paving was awarded the bid.
The financing agreement is for a period not to exceed 10 years with annual principal and interest payments beginning at the end of July.
Dorothy Woodbury, district financial supervisor, reported that five banks participated in bidding on the loan, with interest rates ranging from the 2.49 percent offered by SMB&T to 4.14 percent.
The project is slated to be substantially complete by mid-August, district officials said.