On July 11, the board voted to approve a resolution authorizing investment bankers George K. Baum & Company to oversee the refinancing, according to board Secretary Kathy Kennedy. The vote was 5 to 1 in favor of the resolution, with board member Rick Thode casting the sole dissenting vote.
According to the board’s resolution authorizing the refinancing, the district is using these bonds for technology improvements as well as for air conditioning, repairing, renovating and furnishing its buildings.
July’s Board of Education agenda documents record the resolution to refinance $9,500,000 in bonds. The documents add that by “approving the resolution for refunding this bond and based on market results, it has the potential of present value savings estimated at 10.895% or $1,024,090 over old par.” The board predicts the savings will accrue over the next decade.