School bond savings set

Jay Schools hopes to save more than $800,000 over the next 12 years by refinancing pension bonds issued in 2004.
The bond issue, which made possible the buyout of an unfunded obligation related to the accumulation of sick days by school employees, had about $8.7 million left on the principal as of Dec. 31, 2012.
 Annual payments on the bond issue are $985,000 through 2025 at an interest rate of 5 percent. Re-financing the bonds through the Indiana Bond Bank is expected to result in a significantly lower interest rate, resulting in savings for the school corporation, business manager Brad DeRome told the Jay School Board Monday night.
“We know we would have less interest to pay,” said DeRome.
“I don’t see any downside,” school board attorney Phil Frantz said. About 150 other school corporations are taking advantage of the lower rates through the refunding opportunity provided by the bond bank. “This is the way to go,” said Frantz.
Board members authorized the refinancing and said they want to confer with the administration on how the savings will be put to use.
“We’re really pleased to be able to bring this to you,” DeRome told the board.
The board also gave DeRome the authority to move forward with replacing a 2000 model lift bus that the school corporation uses as a spare. Due to corrosion to its frame, the bus might not pass another inspection.
The replacement would be purchased at an estimated cost of $80,000 from the state’s list of bus providers pending final approval by the board at a future meeting.
Board members also gave the green light to resurfacing the track at West Jay Middle School at a cost of $68,210. The work will be done by Leslie Coatings Inc., Indianapolis — the same firm that resurfaced the Jay County High School track in 2004. The project was one that had been included in the 2013 capital projects fund budget.
In other business, the board:
•Noted the high school’s outstanding graduation rate — 94.6 percent — for 2012. “The teachers have all worked very hard to make this happen,” JCHS principal Phil Ford said. “We’re proud of it. … We’ll strive to keep it that high.”
•Heard superintendent Tim Long report that the football coach and special education director vacancies had been posted with applications being accepted until April 1.
•Learned that the state basic grant for 2013 is expected to be down by $346,000 due to a decline of 138 in daily enrollment.
•Renewed a consulting agreement with Dr. Ruth Jones for the special education program. The agreement calls for 416 hours at a rate of $60 per hour.
•Appointed board member Kristi Betts as its representative on the Portland Park Board in the event that Barry Hudson must step down. Hudson had been appointed by the board, but state law specifies that the school board appointment must be a member of the school board.
•Accepted a donation of $500 from Community Fiber Solutions, Portland, to be used by the athletic department toward a new baseball scoreboard.
•Authorized Ford and Linda Gray to re-invest high school extracurricular funds in certificates of deposit with local banks.
•Accepted the retirement resignations of Jill Ford and Ginny Fennig, teachers at Pennville Elementary School, custodian Arvon Frye at Westlawn Elementary School, and Sandy Farmer as a food service employee at Westlawn effective at the end of the school year.
•Approved leaves of absence for speech pathologist Allison Chalfant, instructional assistant Susan Brown, instructional assistant Kim Lloyd, and high school science teacher Réne Haines.
•Approved Joshua Selvey as assistant baseball coach at JCHS.
•Hired Dennis Dwiggins to teach driver education at JCHS.
•Accepted the extracurricular assignment resignation of Christine Krieg as freshman academy coordinator.
•Approved field trips by the JCHS choir and band.[[In-content Ad]]