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John Glenn seeks refinancing of school bonds

September 4, 2014

WALKERTON — John Glenn School Corporation Board of Trustees endorsed an effort to refinance the school district’s bonds at their meeting Tuesday, Sept. 2.

The board voted to approve a resolution to refinance the 2004-2005 bonds.
“Interest rates are lower and we can generate some cash that will allow us to continue to do a number of capital projects at John Glenn High School,” said Schools Superintendent Richard Reese.

According to Reese, the money can only be spent at John Glenn High School as they are the bonds that were sold for the high school. The superintendent said 50 signatures would be required on a petition from taxpayers paying into the school corporation to achieve permission to refinance the bond. The signatures and paperwork are due Sept. 5 from either Marshall, La Porte, or Saint Joseph counties.

Reese said he hoped to get somewhere between 75 and 100 signatures to be sure that the signatures on the petition were from actual property owners who pay into the corporation.

“At a lower interest rate, what we’re going to do, the refinancing…it’s going to reduce the payments for the remainder period of the term that we’re paying on the bonds,” explained board member Curt Pletcher. “But at the same time we’re going to issue new money, new bonds, and we’re going to take the level of payment, and issuing the new bonds, that money which is the savings, will be utilized to make capital improvements at the high school.”

The closing of the bonds will be between November and December and result in roughly half a million dollars to be used at once. Tentative projects include a potential soccer field and repairing the track.

In other action:
•The board moved to approve the destruction of public records notification to the public.
“It’s just something that we do every couple of years in just official statute,” said Superintendent Richard Reese.
• Reese reported during his superintendent’s report that all six of the lights for the tennis court have been installed successfully.
“It’s been a hectic last couple weeks with all the rain. We are delayed, supposed to be done as of yesterday,” he said.
The fence and the final painting and striping of the courts could not be completed. Reese hopes the courts will be finished and operable by next week.
• The visitor bleachers have been fixed and repaired cosmetically by having the seats and steps replaced, as well as redoing the base of the bleachers by making them more visually appealing and nicer by placing a cap on the concrete bases supports.
• The board accepted High School Principal William Morton’s report of $1,400 in donations to John Glenn High School for drama and $600 for the Falloween Festival.

The next meeting is Sept. 16.

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