Avey said the restructuring will extend debt repayment three years, from 2010 to 2013, for those bonds, and will allow for a gradual mill-level increase over the next five years that will level off at eight mills.
“From a timing standpoint, it’s a good time to lock in the interest rate,” Avey said.
The board also accepted a proposal from Kansas Municipal Pool Investment to invest the bonds proceeds at 5.20 percent fixed rate for 30-89 days and 5.27 percent fixed rate for 90-179 days.
“We wanted to maintain as much flexibility as possible to draw money as needed for construction,” Avey said about the proposal from KMPI.
Emprise Bank and Central National Bank both submitted investment plans, but their interest rates were lower than KMPI.
Board member Mark Rooker, who represents USD 410 on the Technology Excellence in Education Network board, said the interlocal agreement among the five school districts that participate in TEEN is up for renewal in July 2008.
Superintendent Doug Huxman asked the board to give its approval now so the districts could benefit from higher discounts available if applications are made earlier for e-rates and Internet providers. The board agreed to grant its approval.
In other business, the board:
n accepted a proposal from Hillsboro State Bank for a three-year commitment to handle the district’s operational funds account.
n heard from principal Evan Yoder about participation by Hillsboro Elementary School personnel in a pilot program called Kansas Multi-Tier System of Supports. Seven HES staff members are attending training sessions for the program, which focuses on providing rapid responses to children’s academic and behavioral needs.
“We’ll be involved in critical initiatives to intervene with kids who have needs,” Yoder said about the anticipated benefits of participating in the program.
n heard from principal Greg Brown about plans to evaluate curriculum at Hillsboro Middle School, including reading and language arts, physical education and health, Spanish and social studies.
Brown said preliminary results from last spring’s state assessments indicate a “high success rate for the district.” The results show that a majority of the 101 learning indicators are being met at the “exceeds standards” level or higher.
n approved a supplemental contract of $1,487 for Nathan Hiebert to work as the fall weight room supervisor.
n approved contract adjustments, because of added work time, for Lynn Just for $1,134; , Charlene Driggers for $991; and Vickie Huxman for $676.
n approved the change from Oct. 1, 2007, to Jan. 1, 2008 when the 403(b) Annuity Plan becomes effective. According to Huxman, the date change will benefit district employees.
n the board met in executive session to discuss matters related to personnel. No action was taken.