The Carroll Community School District (CCSD) Board of Education made a vote last night (Wednesday) that will save up to $400,000 by refinancing revenue bonds with a new interest rate. Tim Oswald, financial manager from Piper Jaffray, brought the board two options. In both options, the school would borrow the amount remaining on the bond with a lower interest rate of about 2.1 percent. The first option would result in the district saving $393,982 in present value through 2030, with funds delivered Dec. 31. The second option would delay delivery until April 2, 2018 with a 0.04 percent difference in total administrative costs and save the school $408,867. Board member, Brad Jorgensen, questioned Oswald why they would not take option two.
All board members agreed that refinancing seemed like the right choice and choosing between the two options was the next step. Jorgensen and fellow board member, Duane Horsley, both favored option one.
The board unanimously decided option one was in the district’s best interest. Oswald told the board he would prepare the necessary paperwork for their approval at a future meeting. The bonds in question were originally issued in 2013 for various facility improvement and additions across the district. The CCSD Board of Education meets next on Monday, Sept. 18 at 6 p.m. in the Adams Elementary School boardroom.
