The Williamsburg County School District Board of Trustees approved a resolution Monday night to refinance more than $2.5 million in debt, hoping to save nearly $100,000 in interest charges.
Frannie Heizer, a public finance attorney with the Columbia-based McNair Law Firm, will represent the district in selling the debt in the form of bonds. She told the board at Monday?s meeting that the district could save as much as $90,000 in interest for the life of the bonds by refinancing.
"Since these bonds were originally issued in 2004, fast forward to 2012, interest rates are at a stark low,? she said. ?And, we have the potential to refinance this debt to save the school district and the taxpayers some money.?
She said the bonds would be offered for sale to local banks such as BB&T, First Citizens and SCBT. The resolution gave Superintendent Dr. Yvonne Jefferson-Barnes the authority to set a sale date and to decide if the lowest bid received was acceptable. If not, she could reject all bids and choose not to refinance at that time.
?We think that?there is no reason to continue paying higher interest rates if we can get lower ones,? Heizer said.
The current interest rate on the bonds is between 3 and 4 percent and the goal rate is between 2 and 3 percent. She said her firm will likely charge the district a $15,000 fee for handling the transaction.
In other news, board member James Darby asked the board to discuss the prospect of converting D.P. Cooper Elementary into a charter school.
However, Jefferson-Barnes said that no one had given her office the information necessary for the administration to review that type of decision.
?We?ve not received an application or any information relative to the charter school,? she said.
Charles Boykin, the district?s attorney, explained to Darby what he would need to do in order to get the ball rolling on the idea.
?There is a process that?s involved in that...that?s generally driven by the principal of the school involved,? Boykin said. ?And, in addition to having to submit an application to the board, you also have to have a two-thirds vote of your faculty and staff members as well as a two-thirds vote of?the parents and legal guardians of the students that are enrolled there.?
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