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MSD of New Durham Township board reviews bond options, asks staff to get preliminary numbers
Summary
At a Jan. 30 work session the MSD of New Durham Township school board discussed repayment options from financial adviser Bakertilly, considered reducing the bond to $2.5 million, and asked Superintendent Sandra Wood to seek preliminary figures from Ice Miller and Bakertilly before choosing a repayment plan.
The MSD of New Durham Township school board on Jan. 30 reviewed financing options for its 2020 construction project and discussed lowering the proposed bond to $2.5 million, but took no formal vote.
Board President Karen Jedrysek called the work session to order at 4:12 p.m. and the board heard a financial presentation prepared with adviser Bakertilly that outlined alternative repayment schedules for the proposed borrowing. Board members said the district should determine the actual amount to borrow before selecting a repayment option because loan size could change which repayment schedule is preferable.
Board members also raised the possibility that grant funding could cover portions of the project, reducing the need to borrow. The board agreed the scope of work as originally presented represents the district's needs and should remain unchanged even if the bond amount is reduced.
Superintendent Sandra Wood told the board she would contact financial and legal advisors at Ice Miller and Bakertilly to obtain preliminary numbers on how a $2.5 million bond (and other borrowing scenarios) would affect repayment options. The board requested those figures before making a decision on repayment structure.
The work session was adjourned by Jedrysek at 4:53 p.m. The next regular meeting is scheduled for Feb. 12, 2020, at 6 p.m. in the Media Center.
