CASSTOWN — The Miami East Board of Education voted to refinance the district’s high school building project bond on Monday. The board reviewed a proposal to refinance the high school’s bond issue to save more than $525,000 net in interest payments over the life of the bond.
Last month, the district reviewed its options to be able to refinance the $5.3 million bond for the high school project.
According to treasurer Lisa Fahncke, the district will save approximately $33,000 per year for the high school building’s refinancing of the bond. The bond will be paid in full in 2037.
Board member Mark Davis was not present according to board minutes provided by the administration.
Last month, the Miami East Board of Education reviewed a proposal to refinance the high school’s bond issue to potentially save approximately $530,000 net savings in interest payments over the life of the bond.
An underwriter and principal of public finance for the Fifth Third Bank Securities division presented the board procedures and steps on how to refinance the high school’s building bond to save approximately 9.8 net percent after expenses in interest payments.
The K-8 building’s bond was refinanced in 2005 at 3 percent savings. Each bond may be refinanced once during the life of the bond.
In 2008, the community voted to pass a bond for $6.575 million for the district’s share of the $17 million high school building project.
The process to begin refinancing the bond would take 12 weeks and the market could fluctuate at any point in the process. The refinance of the high school’s bond payment would not extend the life of the 25-year-old bond.
The board also approved Loretta Yantis’ letter of resignation effective July 31; transfer of Bruce Vanover as the high school intervention instructor for 2016-2017; Danielle Dillon as K-8 counselor for 2016-2017; Erin Gutman and Scott Sharit request for FMLA leave; Julie Mack as seventh grade math teacher for 2016-2017; hire Cynthia Sroufe as business/technology teacher for 2016-2017; and hire Jo Lynn Werling as head cook for K-8 for 2016-2017.
The board also approved the 2016-2017 Athletic GPA Eligibility program. The district also approved a two-year agreement with the Walnut Grove latchkey after-school program.