CLEARFIELD – Jamie Doyle, senior managing consultant with Public Financial Management, presented a refunding analysis for both the 2003 A and B bond issues and the potential savings to the Clearfield Area School District Board of Directors at Monday night’s committee meetings.
Doyle also said that the district could also possibly get refunding for the 2002 notes. She said that it wasn’t included in her presented figures, however.
“(The municipal bond index fixed rate) headed down and in a rapid fashion here at the start of 2009,” she said, adding that she was inquiring about the district’s interest in saving on refunding.
According to her analysis, the district’s current rates for the 2003 A and B bond issues ranged from 3.100 to 3.650 percent. If it proceeded, the district could see rates from 1.330 to 2.080 percent.
“The rates do wiggle around some. By the time we would get around to (initiating the paperwork), it could be slightly different numbers,” Doyle said.
Doyle said that by proceeding, it would result in just under $70,000 in net savings for the district. She said that the state’s share would result in about a $9,300 savings allocation.
Doyle said if the board opted to move forward last night, the Comparative Internet Sale would follow on Feb. 23 with a settlement on April 9.
Board vice president Dave Glass noted that the board could not authorize the go-ahead in a committee meeting but could do so at next week’s board meeting. He asked Doyle if that would alter the timeline. She said it would not.
“There isn’t a downfall in doing this,” business manager Sam Maney said.
Glass assured Doyle that the authorization would pass.
“We’ll make it official next week,” he said.