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Archbold School Board Okays Bond Refinance, 2010-11 District Budget



The Archbold Area School Board acted upon two major financial project during its Monday night, Sept. 13 meeting.

The board approved refi nancing $2.68 million in bonds for an anticipated total savings of $230,818, which equates to about $15,000 a year for the remaining 15- year life of the bonds.

Patrick King, of Stifel- Nicolaus, a Columbus-based financial consulting firm, told board members the highest interest rate paid on the bonds, which were originally issued in 2000, was 5.125%.

Current interest rates on such bonds are between 2% and 4%, he said.

“Interest rates are extraordinarily low. But I’ve been saying that for four years now.

“It is a good time to consider refinancing,” he said.

Appropriations

School board members also approved district appropriations for the 2010-11 fiscal year.

Christine Ziegler, district treasurer, said total appropriations for the school district were just under $16 million. Of that figure, about 75% of the money is earmarked for the $12.1-million general fund.

Day-to-day operations of the district, including money to pay employees, come from the federal funds.

Personnel

The board also approved several personnel actions.

A contract was approved for Luana King as a substitute teacher. Her contract was made effective Sept. 1.

Also, a contract was approved for Joyce Miller as a middle school playground aide, working from 11 am to 1 pm. The contract was made effective Sept. 13.

Three contracts for student workers were approved for the 2010-11 school year. Student workers are Kristin Fonseca, Charles (“CJ”) Gladieux, and Dylan Lantz.

Board members spent about 45 minutes in executive session to discuss the employment, promotion or demotion of public employees.

No action was taken when the board returned to regular session.–David Pugh



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