California school district poised to save
CALIFORNIA — The California Area School Board Wednesday learned that the district could see savings of more than $200,000 by refinancing a 2009 bond.
Michael Zubasic, PNC managing director for the public finance division, explained that after reviewing the district’s outstanding bond issues, the 2009 bond appears to be the best to refinance at today’s lower interest rates. Zubasic said the $4.423 million bond taken out in 2009 at 4 percent could be refinanced for a savings of about $219,000.
The board voted to continue the meeting to Oct. 8 specifically to vote on the bond refinancing. Board president Norm Hasbrouck said the board has not discussed a possible use for the savings.
“We would have to see what we can legally use the money for,” Hasbrouck said.
The district would not receive the savings upfront, but it would be applied to the outstanding debt, reducing the amount the district will need to pay in the future for debt reduction and freeing funds for other purposes, Hasbrouck said.
In other matters, the board failed to pass a motion to post job notices for four high school on-line course monitors. School director Amy Todd noted that a person has been hired for the district’s cyber school that is certified in two of the four subjects requiring a course monitor and at present the cyber school has only four students. The course monitor positions that were to be posted would monitor students who are taking online classes to make up for failed courses through the credit recovery program.
The board did approve motions to post job openings for detention monitors for the middle school and the high school and for after school tutoring positions.
The board also approved hiring Carol Gilbert Consulting for a one-day period to review changes in policies, procedures and guidelines.
The one-day consultation was billed at $950. Board members reminded the district’s new food service director that all future expenditures must be approved in advance by the board.