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Hamburg School Board Passes Bond, Budget & Election Resolutions

January 30th, 2019 by

Hamburg school boardHamburg School Board members adopted two resolutions during a called meeting Thursday, Jan. 24.
The first resolution authorizes Stephens Inc., to refinance the districts 2014 bond issue to create a potential savings of $296,000.

Jason Holsclaw, with Stephens, Inc., noted that the district’s current rate on the bond issue is 3.94 percent. While rates fluctuate daily, Holsclaw estimated that the district’s rate would possibly fall to 3 percent creating the savings. Holsclaw
explained that the bonds would be sold separately. However, the exact interest rate will not be known until the bonds are sold. It was further noted that the district retains the right reject the bids. The board voted to move forward by adopting the resolution.

The second resolution approved by the board is a resolution to adopt the district’s proposed budget of expenditures for the 2020- 21 fiscal year.
In addition to the district’s existing mills, it authorizes placing a request for four new debt service mills on the school election ballot. The election is scheduled for May 21.

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