McCOOK, Nebraska -- Re-financing bonds used for renovation at McCook Elementary will not reduce the tax request or levy, but will save the school district a half million dollars.
With the current low interest rates, the re-financing will allow the district to save $570,000 and allow the district to pay off the bond one year earlier, by 2024, said McCook Public Schools Business Manager Rick Haney.
This is the second time the bonds have been re-financed to take advantage of lower interest rates, the first time in 2008.
The McCook School Board of Education approved Monday night at the regular meeting to call the redemption of general obligation bonds, used to renovate McCook Elementary for $4.6 million, and to refund them for re-sale.
Although good for the district, sinking interest rates are never good for the economy, board president Tom Bredvick commented.
The re-financing was discussed by the Finance Committee Sept 25, he said Monday night, with four proposals submitted, to see what was available and competitive.
Other new business the board approved included:
* the anonymous donation of $2,000, that will be used for junior high basketball uniforms
* the $810 donation from Brown Shoe Fit Company in McCook to the cross country team The funds were raised from the 5K run sponsored by Brown's this summer, with top winners in each category receiving new running shoes.
* the FFA/Agriculture students to attend the National Convention in Indianapolis, Indiana.
MHS FFA students McKenzie Crowe, a junior and Marlis Brenning, a sophomore, gave the board a presentation Monday night, outlining what the organization has done and their plans for the future.
FFA students from Minnesota visited McCook FFA this summer and the two clubs will exchange boxes, filled with items from their area and state.
The McCook box will include such things as soybeans, wheat, Dorothy Lynch salad dressing and Kool-Aid, the students said.
The students also told the board about the pancake feed and labor auction Nov. 5, 6:30 p.m. at the junior high cafeteria.
Those who need some work done can "bid" on FFA students for 8 hours of labor at the auction.