The Poplar Bluff R-I School Board on Thursday passed a district resolution to refund lease certificates that could save the district up to $2.5 million.
The 2014 school tax levy increase, which funded construction of the new high school, among other projects, is planned to be refinanced on Nov. 29 pending market prices and the district’s credit rating.
The anticipated results of those conditions are a continued A+ rating for the district and an interest rate of 4.3%. Should those parameters be in place, the district can expect a savings of $2.5 million from the original bond issue.
This action will move payments on the principal debt up without extending the debt past its original 25-year commitment. The savings is expected to be added to the district’s capital projects fund.
The resolution stipulates that market conditions on the upcoming date must meet the specified parameters set by the underwriters, Stifel, Nicolaus & Company, or else the action will not be initiated.
Expected completion of the new Culinary Arts Center at the Poplar Bluff Technical Career Center will be delayed until as late as March 2024, according to Assistant Superintendent for Finance Charles Kinsey. He said supply delays, particularly with the new doors for the facility, are responsible for the postponement.
Kinsey also requested approval of a change order in the amount of $23,820.50 for an addition of a connecting sidewalk to the handicap ramp and new stairs with handrails on both sides, which the board approved.
In other construction payments, the board approved payment no. 6 on the Culinary Arts Center to Zoellner Construction for $186,076.11.
Payment no. 13 on the Junior High Activity Center was approved for $270,334.78 to C.E. Norton Construction, and the board approved a total of $67,600 to Meinershagen Roofing for the A and B building roof replacement at the PBTCC.
District IT Director Aaron Badgely requested approval of two school security upgrades for camera systems at the High School and door entry control at Lake Road, Middle School, Junior High and High School.
The board approved the low bid for camera upgrades from CDW-G of Vernon Hills, Illinois, for $60,098.10 and the low bid for door entry control from Wireless USA of Maryland Heights, Missouri, for $36,126.76. Both projects are fully funded by a security grant.
The board also approved two personnel recommendations. The first will allow the district to employ retired teachers at a length of time that exceeds the 550 annual hours that the retirement system allows for retirees. The state regulation also allows the district to set the pay rate for those individuals. This enables the district to fill needed positions beyond the 10 “emergency” appointments that the state allows.
The other approved recommendation provides a grant-funded stipend for the Health Occupations Coordinator at the PBTCC.
The board approved an election resolution that sets the stage for new board elections in 2024. Those who wish to run for the two available seats can register at the district administrative offices starting December 5 and ending December 26.
The two seats with terms expiring are currently held by Ken Davis and Tim Gaebler.
The next school board meeting is scheduled for 6 p.m. Dec. 21.