Butler County Times Gazette
  • School district saving $1 million by refinancing bonds

  • The estimated savings was $859,000, but with the current market interest rates being at all time lows, the final savings to the district is $1,099,173.
    • email print
      Comment
  • USD 402 Board of Education members took the final steps at last night’s monthly meeting to complete the process for refinancing the district construction bonds. At last month’s meeting, the estimated savings at that time was $859,000, but with the current market interest rates being at all time lows, the final savings to the district is $1,099,173.
    BOE member Bill Rinkenbaugh stated, “This is good news. We saved even more than we thought we would.”
    “We need to offer a big thank-you to Superintendent John Black for being on top of this situation and for the savings for our taxpayers. And there’s a possibility of more savings in the new year,” BOE President Bob McCalla advised.
    The board approved 5-0 to sign the resolutions related to completing the necessary paperwork for the refinancing process. Board members Andy Hall and Charlie Garcia were absent last night.
    Finishing touches
    The monthly construction update from Superintendent Black included details on finishing touches around the district.
    He reported that currently Garfield teachers are teaching with minimal materials during the next two weeks while they are currently setting up their classrooms at the new building. The new furniture has been delivered and is in the process of being unpacked and set up.
    The ribbon cutting ceremony at the new Garfield will be at 1:30 p.m. on Thursday, Jan. 10, and the Community Open House from 2 to 4 p.m. on Sunday, Jan. 13.
    At the Middle School, classes are meeting in the classrooms in the FEMA area and the new gym is also being used.
    Bids are being taken on replacing the blue roof panels at AMS.
    “All the major work left seems minor in what has been accomplished,” Black said.
    Black reported bids are being taken this week for the demolition of the old Lincoln building, with hopes of demolition at the end of January.
    In discussing the construction, Bob McCalla said. “It’s been a quick four years and Crossland has been a really good friend to USD 402.”

        calendar