Ringgold to save $1.16 million by refinancing bond
NEW EAGLE – Ringgold School District will recoup $1.16 million in savings by refinancing a bond for the remainder of its issue.
According to Jamie Doyle, managing director of PFM Financial Advisors, Ringgold selected Janney Montgomery Scott to refinance its bond issue at an interest rate of 1.45%. Doyle said that six financial underwriters submitted 48 bids during a competitive online bidding process.
“It was a good time to refinance because interest rates are currently at an all-time low,” Doyle said during Ringgold’s monthly board meeting Wednesday. “There was a lot of competition, and that drove your interest rates down. It also helped that Ringgold has an excellent A1 credit rating.”
Doyle added that Ringgold will be eligible to refinance another bond in April.
School board Director William Stein Jr. thanked administration and fellow board members for providing the district with strong financial management.
“I think we are fortunate to be in this kind of financial shape,” he said.
In other action, the board:
n Approved a motion entering into an agreement with Danielle Thompson to perform services for the Transformative Reading Teacher Group for reading professional learning and an agreement with Great Minds LLC to provide grade-level training for teachers for implementation of Eureka Math.
n Approved a motion to accept a proposal from Cypher & Cypher for an audit on PlanCon J covering projects for the Ringgold Elementary School North and Ringgold Middle School.
n Granted teachers tenure to Jamie R. Hummer.