The Culver School Board has approved refunding its 2006 bonds and using the savings to fund improvement projects.
At Monday’s meeting, the board heard presentations from bond counsel Dennis Otten of Bose McKinney & Evens and from Pooja Shrestha, a representative of financial adviser Umbaugh. Shrestha estimated that, based on the current market, the Culver Community Schools Corporation would save $650,000 to $700,000 by issuing new bonds to refund the 2006 bonds. They plan to potentially use that money to pay for concrete, asphalt, and roof repairs; some improvements to athletic facilities; and the purchase of a utility truck. Since the bonds are technically issued by the building corporation, the lease agreement has to be amended to allow the savings to go toward these improvements.
After there were no comments from the public, the board unanimously approved the resolution to issue refunding bonds and amend the lease agreement. Up to $10.3 million in bonds can be sold under the new resolution.
