District refinancing MAEP bonds

By Russell Hood The Webster Progress-Times

The Webster County School District is refinancing bonds that were issued for capital improvements in order to save the school system money.

The county School Board adopted a resolution Oct. 9 for refinancing the outstanding balance of Mississippi Accountability and Adequate Education Program bonds, according to the minutes of that meeting. The resolution authorizes the reissuance of State Aid Capital Improvement Refunding Bonds totaling $1.591 million.

Superintendent of Education Jack Treloar, who recommended the action, said the board is refinancing the bonds because interest rates are now so much lower and this will save the district money. The bonds were originally issued in 1998 for building projects at all of the county schools, including the addition at Eupora High School.

Hancock Bank is purchasing the refunding bonds, which will mature in February 2018, at a net interest rate of 1.39 percent. According to the resolution, the refunding of the refunded bonds will result in a net present value savings to the district of least 2 percent of the debt being refunded.

Amend, Update QSCB Project In other business Oct. 9, Treloar discussed amending the current Qualified School Construction Bonds.

After much discussion, according to the minutes, the board voted to amend and update the current QSCB project to include a new PE building at EHS, a new band hall at East Webster High School, a new roof and cafeteria renovations at Eupora Elementary School, and to delete all energy management systems and the new roof at EWHS.

Consent Agenda These items were approved as a part of the Consent Agenda:

• Nicole Williams, Shirley Naugles, Lorie Parker and Shay Harrison as substitute teachers for the remainder of the school year. • Debbie Tolbert as a long-term substitute teacher to work approximately Nov. 13-Dec. 21. • fundraisers for the EWHS bowling team, EES students, and Eupora Elementary’s second- and third-grade SHAPE classes. • the district’s Title VI program application for 2012-13 as submitted by James Mason, federal programs director. • an out-of-state trip to Hoover, Ala., for the EHS band.

Other Business In other business, the board approved a manual check for $59,212.81 to Swindoll Construction & Roofing for new roof construction at EES.

Business Manager Heidi Young presented the 2011-12 final amended budget, which the board approved.