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March 11, 2008


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NEWS

McKenzie Schools to Refinance Bonds

By Joel Washburn
washburn@mckenziebanner.com

Tom McAnulty with Stephens, Inc. speaks with Jon Davis, MSSD board member about the refinancing of school bonds.

MCKENZIE (March 4) – McKenzie Special School Board of Education voted unanimously to refinance its $8.5 million in bonded indebtedness. During the March 4 meeting, the board heard that an opportunity may exist to lower the interest rates on the bonds scheduled to be retired in the year 2022.

The board authorized Superintendent Jim Ward and Board Chairman John Austin to execute the refinancing when the fluctuating interest rates are favorable for the greatest savings.

Tom McAnulty, senior vice president of Stephens, Inc. Investment Bankers, with offices in Nashville, said the current national financial environment is fluctuating greatly due to the subprime mortgage problems. In February, the rates were lower than current rates. McAnulty, a former McKenzie resident, said he will “shop” for triple A (AAA) insurers of the bonds and then monitor the market for the best interest rates. He recommended the superintendent and chairman be authorized to execute the document in a timely manner to get the best rates.

Superintendent Ward said the refinancing is a “win-win” situation. The school is not obligated to do anything, said Ward. Any savings on the refinanced bonds will benefit the taxpayers. Over the life of the bonds, the school could save up to $750,000 in interest expense, depending on the rates.

In other business, the board :

Approved a make-up date of May 9 (the Strawberry Festival date) for the December 7 state championship football game. McKenzie schools were dismissed all day for the game. Ward said more folk from McKenzie attend the Fish Fry than the Strawberry Festival.
Approved the 2008-2009 school calendar as established by the consortium of the six school directors in the county. Ward said he was outvoted in his request for some minor changes that were requested by the McKenzie Education Association. Students begin classes August 11, 2008.
Tabled action on a proposal to place the school system’s policy manual on the Web site. The Tennessee School Boards Association prepares the manual, maintains the necessary updates in accordance with revised state laws, and print the manuals. TSBA proposed to assess $1,250 initially and $500 additional annual to add the manual to the Web site.
Welcomed several Bethel College students who are working on their undergrad or masters degree in education. Students attend the meeting as part of their curriculum.
Noted members Greg Barker, Monte Cunningham, and Brad Davis were absent.

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March 11, 2008