New Castle News

February 16, 2012

Laurel to refinance bond issue

By Staff
New Castle News

NEW CASTLE — The Laurel School District plans to take advantage of favorable interest rates to refinance a 2007 bond issue.

Refinancing of the $10 million issue is projected to save the district $875,000. The loan was used for construction at the junior/senior high school.

The school board authorized the administration this week to work with Public Financial Management Inc. as financial adviser, Dinsmore and Shohl as bond counsel and the district’s solicitor in the refinancing.

The board also approved an agreement with Milliman Consultants and Actuaries to provide calculations on the cost of post-employment benefits for district employees as required under the Governmental Accounting Standards Board. The firm’s fee is $7,087.

The board also:

•Adopted the 2012-13 school calendar. The first day of school for students will be Aug. 27 and the last day will be June 6, 2013.

•Hired Diana Hannon as assistant junior high cheerleading adviser at a salary of $1,950 for the 2011-12 school year.

•Approved a family medical leave for Pamela Croach, elementary music teacher, to be used intermittently throughout the remainder of the 2011-12 school year.