Decatur ISD is looking to save at least $800,000 in interest by refinancing a portion of its $68.6 million in bonded debt.
Superintendent Rod Townsend said after visiting with two representatives from the district’s bond consultants, Southwest Securities, on Thursday night, the board approved parameters for bond refunding and authorized the administration to move forward.
“They set a minimum of $800,000 in savings,” Townsend said. “If we can find that, I have authority to do that. We think we can get close to $1 million in savings.”
Townsend said the cost of the refinancing, about $100,000, is already figured in.
Decatur ISD entered fiscal 2012-13 with $68,662,612 in long-term debt, on which it is scheduled to pay $48,392,679 in interest over the next 24 years. Interest rates range from 2.25 percent to 5.25 percent, with maturities from August 2025 to August 2034.
Refinancing or “refunding” the bonds would allow the district to pay them off early, then reissue them with lower interest rates, saving on interest over the term of the bonds.
- The board renewed the district’s contract with Anna Nicholas of Learning Ladder to provide day care services as a benefit to DISD employees. Learning Ladder, which has provided the service since 2006, was the only provider to submit a proposal.
- The board received the annual audit report from Snow, Garrett & Co. of Weatherford. The audit report was clear and there were no material findings according to Townsend.
- The board reviewed board member continuing education hours as required by law. Five board members exceeded the required number of hours for the year, one completed the number of hours and Dr. Jeff Alling was short of the required number. Townsend noted he still has until May to make those up.
- One person, Susan Roberson, spoke in the meeting’s open forum. Roberson registered her dissatisfaction with the C-Scope curriculum tool.
Decatur ISD dismissed early on Friday, and classes will resume Jan. 7.