South-Western City Schools Treasurer Hugh Garside told school board members the sale of bonds voters approved in March has lowered the term of the district's bond issue by eight years.

South-Western City Schools Treasurer Hugh Garside told school board members the sale of bonds voters approved in March has lowered the term of the district's bond issue by eight years.

Because of historically-low interest rates when the bonds were sold earlier this month, the expected term of the bond issue has been reduced from 38 to 30 years, saving taxpayers about $26 million, Garside told the board Monday evening, Aug. 27.

The favorable results were helped by the district having a strong AA credit rating and the fact that "more people wanted to buy than there were bonds to sell," he said.

In another positive for the district, for the week during which the bond sale was held, only about $5 billion in municipal bonds were available when on average, about $6 billion are sold each week, Garside said.

"So supply and demand kicked in for us," he said.

The bond issue funds the school district's share, which combined with $120 million from the Ohio School Facilities Commission, will pay for 13 replacement elementary school buildings, renovations to two elementary schools and a new Franklin Heights High School.

In other business, the board approved ratifying an amendment to the 1992 Win-Win agreement, agreeing to pay $96,170 to Columbus City Schools over the next three years.

South-Western along with the Dublin and Hilliard school districts were under-billed due to billing errors and under the amendment, each will pay Columbus $96,170.

Columbus will be paying a total of $6 million to six other districts because they were over-billed.

The first installment of the payments will be due two weeks after all participating school districts approve the amendment.

The Educational Service Center of Central Ohio will serve as a custodial trust for the funds.

Under the amendment to the agreement, the participating suburban districts will now be required to review billing calculations each year and must raise any objections by May 15.

The board also heard reports regarding the opening of the school year and staffing.

Deputy Superintendent Phil Warner reported a smooth opening to school.

While final enrollment numbers are not yet known, it appears that enrollment will be about the same as last year, or a little higher, Warner said.

The back to school newsletter sent to families helped the district "flush out" questions parents had about issues such as school bus routes and school bus routes, he said.

The district will have 154 buses on the road every day and has 29 spare buses available, Warner said. South-Western will be transporting about 13,000 students each day.

Once final enrollment numbers are known, the district will be able to adjust its staffing where needed, Assistant Superintendent for Personnel Carl Metzger said.

The district has seven new administrators and two teachers who have moved into administrator positions, he said.

A total of 96 teachers have been hired and the board will be asked to approved hiring three more in September, Metzger said.

Thirty-four new classified staff members have been hired.