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Savoy ISD board moves funds after bond paid off, closes I&S account at Cendera Bank
Summary
With the related bond paid in full, the Savoy ISD Board voted Oct. 14 to close the district's Interest & Sinking account at Cendera Bank and transfer the funds to the general account; motion carried 4–0.
The Savoy ISD Board of Trustees voted Oct. 14 to close the district's Interest & Sinking (I&S) account at Cendera Bank and move the balance into the district's general fund after the related bond was paid off.
"Motion was made to close the I&S account at Cendera Bank and move all funds to the general account due to the bond being paid in full and no further payments due," the minutes record. Bear Reed moved the motion and Barbara Malone seconded; the motion carried with Jeff Francis, Barbara Malone, Sandy Petree and Bear Reed voting yea. Trustees Mike Bomar, Joe Gilbert and Brian Pugh were absent.
Board minutes show the vote was recorded as "Yea: 4, Nay: 0, Absent: 3." The district did not announce the remaining balance being transferred in the meeting minutes.
