Much of the Tea Area School Board’s monthly meeting, held Monday evening, focused on a review of an early draft of the district’s five-year fiscal plan, specifically pertaining to the capital outlay fund.
With interest rates dropping on bond certificates issued in 2007, the district could benefit by refinancing. The refinance would cost around $50,000, with $28,000 going to Dougherty & Company of Sioux Falls and $21,000 in fixed costs associated with the transaction. The district would save about $47,000 in interest and add a year to their repayment plan but gain $100,000 over the next two years in the capital outlay fund through the maneuver, which would help bolster the fund and some of the financial burden associated with expansion and improvement projects over the next few years.
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Note: The plan will be reviewed again by the board during a meeting to be held at the District Education Center on Thursday, Feb. 19 at 6:30 p.m.