News : School board hears details of bond refinancing options; to decide Oct. 15

The question facing the Vinton-Shellsburg School Board members is not whether to re-finance the school bond issues, but when.

During an hour-long work session on Thursday evening, the school board met with Travis Squires from the Piper Jaffray investment company shared three separate re-financing scenarios.

Board members basically agree that the best option is to refinance this winter, saving the district approximately $1-1.4 million over the life of the bond.

The board will take formal action on the refinancing during its Oct. 15 meeting.

Superintentdent Mary Jo Hainstock said that refinancing the bonds would not take any approval by the voters.

"The board has this authority," said Hainstock. "However, we do need to ask our voters to reaffirm how we use our 1-cent local option money which we have used to pay part or all of the bond payments over the last few years as well as allocating funds towards new busses, roof repair, technology, and buildings and grounds items."

Haiinstock said that it is a "given" that theh district will continue to receive the 1-cent funding since it is a state-wide tax; voters would be asked to vote on how to use those funds because it is a local decision about how the funds are allocated.