Bonds to be refinanced

DECATUR - The Decatur School District will save $233,172 by refinancing $3.96 million in construction bonds for Northside Elementary School.

Board members voted to approve the bond refinance at the March 25 meeting. The interest rate will be reduced from 3.69 percent to 1.9 percent.

The school will save $124,000 the first year and the rest of the savings will be spread over the life of the loan in gradually decreasing amounts, Scott Beardsley of First Security Beardsley Public Finance told school board members.

The bond originally had an interest rate of 4.15 percent but was refinanced Dec. 1, 2010, for an interest rate of 3.69 percent.

The board also voted to extend their contract with First Security Beardsley Public Finance for an additional three years. There was one year remaining on the current contract.

In other financial business of the district, superintendent Larry Ben presented the 2011-2012 audit report, which again pointed out that the district lacked internal controls because it did not have enough personnel overseeing the district’s funds and expenditures to provide adequate safeguards - something included in many school district audits because they are not able to hire sufficient staff to provide all the safeguards recommended by the state.