GENTRY -- At a special meeting on July 9, Gentry School Board approved a bond sale refinancing more than $6 million in 2009 bonded debt at a savings of nearly $600,000 to the district.
At its May meeting, the board gave Randy Barrett, Gentry superintendent of schools, approval to pursue a plan to refund an Oct. 1, 2009, bond at a lower interest rate with an estimated savings to the district of $400,000. Barrett suggested putting money saved into a building fund earmarked for the construction of a new high school.
Barrett said in May that the refunding would not extend the terms of the bond and would not be at an additional cost to the district. It would just be for the savings, he said, adding that the possible building of the high school was still about three years out.
Board approval was given in May, conditioned upon continuing low interest rates and the move being a significant savings to the district.
And the savings turned out to be even greater than anticipated, with seven firms bidding on the new bond sale and the low bid of Vining-Sparks IBG Limited Partnership, at a true interest cost of 2.942108 percent, being approved. The district will save $585,666 on the $6.015 million dollar bond, according to materials Barrett presented to the board.
Annual bond payments, due April 1 of each year through 2034, will be lower than they were scheduled to be under the old bond payment schedule, with the majority of the savings received in the first three fiscal years -- more than $537,000.
The bond sale, handled by Dennis Hunt of Stephens Inc., will close Aug. 5. Hunt was also in attendance at the July 9 meeting and confirmed the savings to the district.
In other business, the board approved the hiring of Linda (Shelly) McGee to teach fourth grade at the intermediate school and Lynn Glass as a night custodian at the intermediate school campus.
Due to scheduled vacations of numerous board members, the next school board meeting is set for 7 p.m. Aug. 18 in the board room.
The board authorized Barrett (and staff members) to open bids and accept the low bidder for concrete work providing the costs remain within the budget. The bid deadline is today.
Work included in the projects put back out to bid involves cement work at the new concession stand and at Pioneer Stadium, a pad for visitor bus parking at the stadium and a sidewalk between the primary school and the playground area. Barrett said, if the bid prices are too high, he would only do the projects the district could afford to do.
The board also authorized Barrett to move money between building funds and operating funds as needed to close out the 2014 fiscal year with an ending balance to keep the district in good standing with the state board of education.
And, the board authorized Barrett to offer contracts to fill two open teaching positions -- elementary school art and high school special education -- prior to official board approval in August.
General News on 07/16/2014