Archive for Thursday, January 16, 1992

WELLSVILLE SCHOOLS TO REFINANCE BONDS

January 16, 1992

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— The Wellsville school board held a special meeting Wednesday to discuss refinancing the district's bonded indebtedness.

Gwen Boone, district clerk, said the board hired Bee Croft-Cole Co. Inc., Topeka, and J.O. Davidson and Associates Inc., Wichita, to work on the refinancing.

The district issued $1.6 million in general obligation bonds in 1988 to pay for a 10-classroom addition at the elementary school, remodeling and expansion of the elementary library and a new gymnasium. The projects have been completed.

Boone said refinancing will save the district $300,000 during the next 14 years and shorten the life of the bonds by three years.

"It's financially feasible to do it at this time," she said. "We have to do it soon before the interest rates start climbing back up."

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