The West Central School Corporation’s wind turbine bond refinancing took another step forward during last week’s school board meeting.
“We had a hearing on the fourth amendment to our lease, which is jargon for what’s required for refinancing our turbine bonds,” Superintendent Dan Zylstra explains. “We’ve been working on that to capture the lower interest rates on those bonds, and so we had another hearing on doing that.”
Zylstra says the school corporation is expected to save $70,000 on interest payments, but the actual amount won’t be determined until the bonds are taken to market. “And then the restructuring of the debt, we’re also looking at pulling more money out, based on that, which isn’t going to raise our levy for our debt service, but by restructuring it, we can pull some money out now that we can use for capital projects,” he adds.
In other business, Zylstra says West Central got a $2,000 Dollar General Literacy Grant to purchase books for the elementary school.
