The Eastern Pulaski School Board reviewed a resolution last week that concerns the refunding of the school’s 2015 mortgage bonds.
Superintendent Dara Chezem explained that work has been done with bond counsel and municipal advisors on the best way to move forward with volatile interest rates.
Chezem said, “The resolution provides the school corporation the flexibility, but not the requirement, to refund based on a minimum savings target of three percent net the present value, which would be about $330,000. The current estimates don’t show sufficient savings to refund the bonds, but we want to be ready to move if the interest rates do change.”
The board approved the resolution and authorized Chezem to act once that savings can be achieved.
