District hopes to save $600,000 by refinancing bonds
Dublin City School District officials said they expect to be able to save $600,000 by refinancing $19.46 million in bonds.
The Dublin Board of Education last week approved the issuance of bonds for new projects and for refinancing.
Treasurer Stephen Osborne said by refinancing $19.46 million in bonds originally issued in 2006, the district will save $600,000.
The district will also issue $15.87 million in bonds, a move approved by voters in November 2012.
Revenue from the bonds will be used for roofing, asphalt, technology and maintenance projects around the district as well as bigger projects at Deer Run and Riverside elementary schools and Davis Middle School.
At Deer Run a new heating, ventilation and cooling system will be added in addition to a fire alarm system.
The commons will be expanded at Davis Middle School to lessen crowding at lunchtime and traffic flow will be improved at Riverside Elementary.
The new bonds will be issued for 13 years and carry an interest rate under 2 percent, Osborne said.
The low interest rates will carry over to the bonds the district plans to refinance over nine years.
"We're very happy with the bond rates in our district," Osborne said. "We want to take every opportunity we can."
Osborne's office last week also received an award from state Auditor Dave Yost.
The Auditor of State Award with Distinction is given to entities that have a clean audit report and finances, Kevin Servick, central Ohio regional liaison for Yost told board members.
Of the more than 5,700 entities audited each year, only 100 receive the award.
"It's an honor we look forward to every year," Osborne said.
"It is not my award, but my office's award. ... It's something we want to continue to receive in our office."
In other district news, board of education members last week approved a contract with OHM Advisors for improvements to Davis Middle School and the Coffman High School athletic complex.
Superintendent David Axner said the district will pay the company about $60,000 to design and administrate the construction of the Davis Middle School commons expansion.
The construction is expected to cost about $762,000 and will add space to the crowded lunch area.
The company will also design plans to add a 1,350-square-foot addition to the Coffman High School weight room for $26,000.
The district anticipates construction will cost $280,000.