PRINCETON — A resolution by North Gibson school trustees Monday allows refinancing of the school district's 2009 bonds at interest savings and using those savings to fund other projects for the district.
Brad Bingham representing of Barnes & Thornburg, LLP., and Belvia Gray of Baker Tilly, LLP., reviewed the options with the board for refinancing the 2009 bonds and looking at the issue of new money bonds for other improvements within the school district.
The improvements that will be made with new money bonds were listed by Bingham as 15 to 20 new buses and improvements to the bleachers and press box at the football stadium.
The amount of savings over the life of the bonds is about $3.7 million. Gray explained the options for the savings.
"One option is to just reduce the payments," she said. "Another option, which is what we're looking at doing here, is to reduce payments over the next several years, while issuing new money bonds to take care of some already identified projects for the school corporation… So, we'd be keeping payments at the same level with this option."
The board unanimously agreed to approve the resolution.