NEW EAGLE – Ringgold School District will recoup $1.16 million in savings by refinancing a bond for the remainder of its issue.
According to Jamie Doyle, managing director of PFM Financial Advisors, Ringgold was awarded a bid from Janney Montgomery Scott to refinance its bond for an interest rate of 1.45 percent. Doyle said that six financial underwriters submitted 48 bids during a competitive online bidding process.
“It was a good time to refinance because interest rates are currently at an all-time low,” said Doyle during Ringgold’s monthly board meeting Wednesday evening. “There was a lot of competition and that drove your interest rates down. It also helped that Ringgold has an excellent A1 credit rating.”
Doyle added that Ringgold will be eligible to refinance another bond in April.
School Board Director William Stein Jr. thanked administration and fellow board members for providing the district with strong financial management.
“I think we are fortunate to be in this kind of financial shape,” he said.
In other action, the board:
n Approved a motion entering into an agreement with Danielle Thompson to perform services for the Transformative Reading Teacher Group (TRTG) for reading professional learning and an agreement with Great Minds, LLC to provide grade-level training for teachers K-5 and 6-12 for implementation of Eureka Math.
n Approved a motion to accept a proposal from Cypher & Cypher for an audit on PlanCon J covering projects for the Ringgold Elementary School North and Ringgold Middle School.
n Granted teachers tenure to Jamie R. Hummer.
n Recognized various staff members for responding to medical emergencies at Ringgold Elementary School South and Ringgold Middle School.
nCommended Ringgold student Rhoderick Wilson Jr., who wrote an essay about Martin Luther King Jr. Day that won an award from Carnegie Mellon University.