School Board Refinanced Bonds
At a special board meeting held January 30, the Board voted unanimously to refinance nearly $11.5 million worth of general obligation bonds. The interest rate on the bonds will drop from 5.24 percent to 3.42 percent saving the District $636,000.
Stephen Adams of Bernardi Security presented information to the Board on the bond sale. The District's improved bond rating helped obtain a lower interest rate. The steps taken over the past two years to reduce expenses has improved the rating from a BBB minus with a negative outlook to a BBB with a positive outlook. The term of the bonds remains the same, to be paid off in 2017,
