Tuesday, December 14, 2010

School Board to Save Taxpayers over $150,000

At their meeting on December 8, 2010, the Earlham Community School Board of Directors approved a resolution directing the sale $2.030,000 of General Obligation Bonds to Country Club Bank from Prairie Village, KS.  These bonds were originally issued in 2002 to build additional elementary classrooms, a practice gym, vocal and instrumental music rooms and the auditorium.  The district earned an A1 rating from Moodys and received refinancing bids from 5 different financial institutions from around the country with Country Club Bank bidding the lowest interest rate.

By approving this bid and refinancing these bonds, the district will save local property tax payers $154,506.50 through the debt service levy beginning in fiscal year 2013 and continuing through May 2021.  

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