The Council Bluffs Community Schools Board of Education on Tuesday approved refinancing a series of bonds at a lower interest rate.
The resolution was approved unanimously, with board member Bill Grove absent.
Chief Financial Officer Dean Wilson said refinancing the 2010A bonds at an interest rate of 2.19 percent will save the district about $1.1 million by the time they mature in 2029.
The administration plans to do the same with bonds issued in 2012 to save about $300,000 by the same maturity date for a combined savings of about $1.43 million, he said. Board members have not yet voted on the refinancing of the 2012 series. The first step in that process will be on the agenda for the board’s next regular meeting.
Both series of bonds were originally issued to finance renovation of the district’s high school and elementary school buildings, Wilson said. The money was borrowed against future sales tax revenue.
The board appointed Bankers Trust of Des Moines as the trustee.
The school district’s Career and Technical Education is seeking sealed bids for the sale of a computer numerically controlled cutting machine, Chief Technology Officer Dave Fringer announced at the meeting. Fringer said he expects to receive a high bid of more than $5,000 for the Techno isel, Model No. E243. The machine, which takes up quite a bit of space, has been replaced by a plasma cutter and is no longer needed, he said.
Wilson said the school district would have the right to reject the bids, if they were deemed too low.