Minden (District 6) tax payers will see the benefits of a bond refunding that was approved by the Webster Parish School board at Monday night's meeting.
The Webster Parish School Board voted multiple times to go forward with requests to refinance bonds, most recently for District 6.
"This is a huge savings," said Grant Schlueter, who represents Webster Parish School Board as a bonding attorney with Foley & Judell. "This turned out very, very well for taxpayers."
The $7,835,000 bond was approved by District 6 voters in 2005.
"This bond had an interest rate of up to 4.55 percent," Schlueter said. "This refinancing will reduce it to 2.23 percent."
Total savings to tax payers after costs is more than $900,000.
"This refinancing of the bonds will reduce the annual payment tax payers have to pay on the bond, with no extension of the debt," Schlueter said. "The rating from Standard and Poors, a national bond rating agency for public bodies, gave this an A rating, which is a good strong rating for a school board in Louisiana."
This bond refunding is the third to be passed by the Webster Parish School Board this year. Springhill (District 8) began saving $300,000 on a $9 million bond after the board passed the refunding in September. Another District 6 refunding passed in June saving more than $763,000 on a $12.5 million dollar loan.
Kennon, Strong remain in charge
Johnnye Kennon will remain president of the Webster Parish School Board and Charles Strong is still vice president for the 2013 calendar year. They were re-elected to those positions by the other members of the board during Monday night's meeting.