Serving all the communities of the Buckeye Lake Region

Refinancing could save nearly $1 million

HEBRON – Refunding or refinancing the bonds first issued in 1999 to build the new Lakewood High School and renovate existing buildings could save district taxpayers nearly $1 million over the next 12 years. That savings is equivalent to a .21 mill reduction for property owners based on 2014 assessed values.

Mike Burns, Director, Robert W. Baird & Company, explained the opportunity at the Feb. 11 board meeting. “It (refunding) is for interest savings,” Burns explained. “There is no change in the structure of the bonds.” The bonds will be paid off on Dec. 1, 2026.

Burns also believes that the district’s current AA- bond rating can be improved to AA which will reduce the interest rate on the bonds. The district’s financial position is strong, he said.

The average coupon rate on the existing bonds is 4.04 percent. The estimated all-in true interest cost on the proposed bonds which includes closing costs is 2.3 percent.

The bonds can not be refunded until Dec. 1, but Burns wants to start the process now for maximum flexibility in pricing. Board members took the first step by unanimously approving a resolution to issue $8,110,000 in School Improvement Refunding Bonds.

In other district business, Tim Kraft of the State Auditor’s Office presented to District Treasurer Glenna Plaisted and her staff the Auditor of State Award for Distinction for Fiscal Year 2014. Kraft said only five percent of the 5,800 public entities audited yearly receive the award which requires a “clean audit report.” Plaisted has received the award at least five times.

Board members also unanimously approved the following spring coaching supplemental contracts:

• Rex Carr – varsity head boys track coach;

• Kelly Cramer – varsity head girls track coach;

• Jeff Hartman – middle school girls track;

• Don Thorp – varsity head baseball coach;

• Jerry Thorp – varsity assistant baseball coach;

• Josh Barrera – varsity assistant baseball coach;

• Criss Nadolson – varsity head softball coach; and

• Craig Sheridan – varsity assistant softball coach.

Four positions are still open:

• Two varsity assistant track coaches;

• Middle school boys track coach; and

• Varsity assistant softball coach.

David Saunders was approved as varsity assistant wrestling coach for this school year.

The following supplemental advisors were approved for next school year:

• Lauren Domenick – band director;

• Robert Caldwell and Kimberly Roberts – band auxiliary;

• John Grimm – assistant band director;

• Ryan Grubb – high school chorus;

• Michelle Duncan and Jacob Schimberg – junior class advisors;

• Cheryl Lapp – senior class advisor;

• Martha Fickle – two drama plays;

• Erin Orr – drama auxiliary;

• Terri McKenzie – FCCLA;

• Valerie Kieffer, Sarah Robinson and Phil Sikorski – guidance counselors;

• Janessa Castle – National Honor Society;

• Sarah Robinson – PAL advisor;

• Lindsey Fawcett – Quiz Bowl advisor;

• D. Kelli Cramer – Ski Club advisor;

• Alexis Carder – Spanish Club advisor;

• Abigail Chapman – Student Council advisor;

• Laura Stone – yearbook advisor;

• Crystal Brunaugh – spelling bee coach;

• Robert Caldwell – middle school band director;

• Ryan Grubb – middle school chorus;

• Pamela Hundley – middle school Future City advisor and student council advisor;

• Julia Spencer – middle school guidance counselor;

• Jeanine Fairburn – middle school National Honor Society advisor; and

• Zacharey Brenning – middle school spelling bee coach.

Board members also unanimously approved the school calendar for the 2015-16 school year. Students start on Thursday, Aug. 20, with Kindergarten starting on Monday, Aug. 24. Pre-school begins Aug. 26.

The Thanksgiving holiday is No. 25 -27 with no school on Nov. 30 for a P/T Comp Day. Christmas break begins Dec. 21 with students returning on Jan. 4. Spring Break is March 25 – April 1. May 27 is the last day for students. Graduation is at 2 p.m. Sunday, May 29. Students are off for three professional days – Oct. 23, Jan. 29 and April 22. Single day holidays are Labor Day (Sept. 7), Martin Luther King Day (Jan. 18), and Presidents’ Day (Feb. 15). Students are in school for 174 days.

Director of Pupil Services Patti Pickering reported that all teachers now have “Safety Buckets,” primarily consisting of medical supplies. Most were donated by Licking Memorial Hospital. She added that the district saved $10,000 in diesel costs in January compared to last year. Prices were level for the first two quarters. She hopes to present a candidate at the March board meeting to replace Food Service Director Mary Jennie who is retiring.

Leave a Reply

Your email address will not be published. Required fields are marked *