District pays off bonds early

By Brian Knox | Published Wednesday, October 23, 2013

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The Chico School Board approved a money-saving measure at Monday’s board meeting.

With enough money in the interest and sinking fund balance to pay off the Series 2001 bonds, the board approved calling those bonds a couple of years prior to maturity. That will save the district about $20,000 in interest.

The bonds will be redeemed in December.

Another report also outlined savings to the district. The Education Service Center Region 11 services and costs presentation showed that Chico saved approximately $100,000 by using ESC services. The amount is calculated by comparing the cost of services provided by the center to the costs the district would have incurred had it sought private companies for the same services.

“I’m a big proponent of service centers,” Superintendent Mike Jones said. “They provide quite a value for the dollar,” particularly for smaller school districts.

The meeting began with a public hearing on the Financial Integrity Rating System of Texas (FIRST) report. The district received a “superior achievement” rating.

After a brief closed session, the board returned to open session and approved the district’s security audit and emergency operations plan.

All of the items were approved by a 6-0 vote. Pancho Redwine was the only board member not in attendance.

The board will meet again Monday, Nov. 18.

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