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Riverside Board of Education members approved two separate measures relating to district bonds at their Tuesday evening meeting that have the potential to save the school approximately $160,000 in the upcoming years.
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In the first cost-saving measure, the board voted unanimously for the early payoff of Energy Conservation Notes that were issued in 2014 for the district’s House Bill 264 energy efficiency updates. The early pay-off amount is estimated at $375,000, to be paid to Buckeye State Bank, Treasurer Lucas Ratliff said.
The treasurer said the early payoff of the bond that previously had a maturity date of 2024 will save the district $60,000. The school will continue to receive the guaranteed energy cost savings each year through Waibel Energy Systems of Vandalia, the company that completed the energy efficiency upgrades throughout the school building and grounds.
Members also heard a report from Mike Burns from Baird Investments regarding an opportunity to pursue the refunding of School Facilities Construction and Improvement Bonds that originally were issued in 2000 to build the current K-12 facility. Refunding the remaining balance of $1.235 million would allow the district to take advantage of lower interest rates that are currently available, similar to refinancing a home mortgage, Mr. Burns said.
He estimated that by locking in a lower interest rate, Riverside could save about $100,000 over the course of the bond, a savings that would be passed along to taxpayers.
The maturity date of the bond will remain at 2022.
The board unanimously approved a resolution to pursue the refunding of the bonds, and during the next two weeks, Mr. Burns will approach various banks to sell the bonds on behalf of the district.
Read complete story in Wednesday’s Examiner.
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