PEA RIDGE — Saving nearly $1 million dollars through refinancing, the Pea Ridge School Board took advantage of low interest rates and sold bonds at the recommendation of Dan Lovelady and Buster Beardsley with Crews and Associates Finance just one week before rates changed again.
The two bonds being refinanced will save the distridt $927,673.32 over the life of the bonds and will not increase taxes or the life of the bonds, acording to Lovelady.
The first bond, sold Dec. 1, 2007, has about $3,400,000 in outstanding principal and will yield a savings of $467,785.51. The second bond issue, originally sold Sept.
1, 2009, has outstanding principal of $4,6000,000 and will result in $459,887.81.
Both bonds were purchased by Financial Capital Markets.
“This is tremnndous,” Dr. Roland Smith, superintendent, said.
In other business, the School Board:
◊Hired Kathrine E. Hall of Farlington, Kan., as Gifted Education coordinator and Quiz Bowl sponsor.
◊Hired Roxanne Flippo as high school English teacher
News, Pages 1 on 04/11/2012