The North Little Rock School Board on Thursday approved the refinancing of $22,340,000 in bonds at a lower interest rate to generate $1,651,896 in savings in the district's debt service payments.
Robert W. Baird & Co., Inc. will purchase the bonds at an interest rate to be charged to the district of 2.978907 percent. That was the lowest bid of three submitted bids. The other bids were from Bank of America Merrill Lynch, 3.007847 percent, and Raymond James & Associates, Inc., 3.073759 percent.
The previous interest rate on the $22.2 million in bonds that were issued in 2011 was 3.75 percent, A.V. "Buster" Beardsley III of First Security Beardsley told the board.
North Little Rock Superintendent Kelly Rodgers said after the meeting that he anticipates asking the School Board board at a later date to approve the use of the savings for roof repairs at three campuses and possibly for purchases of computers.
The savings can only be used on academic facilities, Beardsley said. That can include new construction, renovation, repairs and the purchase of school equipment.
Rodgers has said that roofs at North Little Rock Middle School, Ridgeroad Elementary and North Little Rock Academy need repairs.
Metro on 10/21/2016