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Business office reports bond sale at 3.83% and favorable year-end projection
Summary
Business staff told the board the capital-project bonds sold at a 3.83% interest rate (callable after eight years), the water-filtration quote came in at $29,500, and year-end projections show roughly $200,000 net expected for the fiscal year.
The district's business office reported on budget results, bond sales and capital-project costs, telling the board the budget enjoyed about 80% support from voters and the district sold bonds for the capital project at an interest rate of 3.83%.
"We issued our bonds for the capital project. We came in at a 3.83% interest rate, which is very good," said Caleb Russell, a business office representative. He said the sale compares favorably to other recent local school bond sales and noted the bonds are callable after eight years, which would allow the district to refinance if interest rates fall.
Russell told the board the business office is closing the books for the year and expects to deposit about $200,000 net for the 2024–25 year. He also said a quoted cost for a water-filtration system in the $100,000 capital project came in at $29,500, which might free funds for additional work such as door repairs depending on final decisions.
No formal vote or contract award for the water-filtration system was recorded; board members were updating project progress and financial projections during the report.
