Thu, Nov 26 2009
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Board gets report on 7th elementary By GINA KINSLOWGlasgow Daily Times After listening to Nance, the school board adopted a resolution authorizing the Barren School District Finance Corporation to issue the revenue bonds.
It also adopted a resolution authorizing the finance corporation to refinance 1998 series revenue bonds. Nance pointed out that KDE requires a minimum net present value savings of 4 percent. “You don’t want to do a refinancing too early, because once you do it, you’re probably not going to have another opportunity to take advantage of a low rate,” he said. The current net present value savings is 3.25 percent, which generates a total savings of $127,102. “That sounds pretty good, but just to give you an idea, in order to get the 4 percent savings we need to be at about $150,000 range,” he said. Nance was confident that if the board agreed to move ahead with the refinancing of the bonds, once the net present value savings reaches 4 percent, his firm can move ahead with the refinancing within a five-day period. The school board also called a meeting of the Barren County School District Finance Corporation, which voted to issue the $12.1 million in revenue bonds and to allow Nance’s firm to go ahead with its plan. Seventh elementary ground breaking is set for April 15 at 10 a.m. 
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