DEWAYNE HOLLOWAY/dewayne@mcnews.online
MOUNT IDA – Board members voted to refund a bond issue approved in 2016 which should save Mount Ida School District approximately $128,000 in interest fees over the next 19 years.
Ray Beardsley, Senior Vice President of First Security Beardsley, presented a proposal to refund a current bond issue during Monday’s board meeting. He explained that the reason for the refunding was to take advantage of lower interest rates currently available in the market. The original bond issue was for $3,600,000. After fees for the refunding the bond service will increase to $3,750,000. Despite the increase, Beardsley reported that the district could expect a savings of around $81,0000 the first year and a total savings estimated at around $128,000.
He explained that the savings is possible due to a recent drop in interest rates. The current bonds were sold at a rate of 2.32 percent. Interest rates at the time of refunding is estimated to be 1.73 percent. Beardsley added that rates could actually be lower at the time of sale which would provide even more savings for the district. He also stated that if rates were not what they anticipated they could opt out of the refunding of the bonds.
“The only cost you would be out is the ad in the local paper.” Beardsley stated.
The board approved the refunding of the bond issue. They are able to do so without a public vote because there is no increase in millage and the length of the bond issue will remain the same.
In other business, board members dealt with several annual votes including the approval of changes to school board policy, handbooks for certified and classified personnel, and the student handbooks for elementary and high school campuses.
The board approved the cafeteria consortium agreement for the upcoming school year. The consortium is a group of area schools which offers Mount Ida the opportunity to purchase food items at a reduced rate.
The board approved the upgrade of internet wiring and services district wide. Superintendent Mike White stated that currently the district is running at about 50 percent capacity. The upgrade will improve their capacity to 100 percent. The project will be paid for through CARES Act funding at a cost of $10,139.44.
The board approved the purchase of insurance coverage for property, vehicle and mobile equipment from ASBA Risk Management at a cost of $38,328.61.
The board approved adjustments made to the 2020-21 calendar to reflect changes made by the Governor in response to COVID-19. The biggest change is the start date being moved back one week to August 24.
The board approved a resolution for suspension of district policy to align with emergency COVID waivers when necessary. The resolution states that all COVID related directives and waivers issued by the state supersede existing board policy.
The board approved the district audit for 2018019. White reported that the only deficiency on the audit was for segregation of duties. He explained that the district gets this every year because they are too small to comply with requirements.
The board approved the annual standards for accreditation statement of assurance.
The board approved the transfer of two students to Caddo Hills School District.
Superintendent White shared that the district’s Ready for Learning Plan has been completed as much as it can be. He explained that state mandated changes come almost daily. District plans must be finalized by September 1.
After a brief executive session the board accepted the resignation of girls basketball coach Sean Kelloms. They then hired Roy Ray to fill the position as girls basketball coach. Ray comes to Mount Ida from Glen Rose.
