UPDATE June 28, 5:30 a.m.: Fulton Science Academy Board of Governors member Angela Lassetter said today the schools can pay back the $18.9 million in bonds.
Lassetter spoke about FSA’s future as a private school, a school system audit report and her school’s investigation and response to that report in an interview this afternoon.
Wells Fargo Bank, the bond investor, sent out a “Notice of Acceleration” on June 25 by certified mail to the Development Authority and the three schools involved: Fulton Science Academy (middle school), Fulton Sunshine Academy (elementary school) and Fulton Educational Services (Fulton Science Academy High School).
The bank’s notice, sent by Virginia Anne Housum, a vice president for Wells Fargo, said the borrowers have breached the loan agreement, which puts the schools in default. The trustee demanded immediate payment of the $18.9 million bonds and interest by June 27.
Lassetter said the