Heavy rainfall and flash flood warnings weren’t enough to delay the July 8 meeting of the Minden School Board of Education. Although some board members were unable to attend, the meeting was able to continue with four members.
Andy Forney from D.A. Davidson attended the meeting to speak with the board about an opportunity to save the district a substantial amount of money on its bond purchase agreement. He explained that interest rates have gone down since the beginning of the year. Although the earliest the board would be able to lock in these rates is October 1, he urged them to be proactive.
He explained there are two options to consider. A proportional option would result in cash flow savings annually with an estimated total savings of $1.4 million. The accelerated option is cash flow neutral and would pay the principal off faster and result in an estimated $2.9 million. Either refinancing option would save the district money and potentially take years off the bond agreement.
see July 17 Courier for full story