East BOE approves bond reinvestment


Resale of K-8 building project’s bonds to save $1 million

By Melanie Yingst - myingst@aimmediamidwest.com



From left, Miami East Local Schools’ treasurer Lisa Fahncke administers the oath of office to Mike Rindler and Brandon Fellers on Tuesday.

From left, Miami East Local Schools’ treasurer Lisa Fahncke administers the oath of office to Mike Rindler and Brandon Fellers on Tuesday.


CASSTOWN — The Miami East Local Schools board of education welcomed new board member Mike Rindler at its annual organizational meeting on Tuesday.

Rindler and Brandon Fellers were administered the oath of office by district treasurer Lisa Fahncke.

The board elected Fellers as president and Mark Iiames as vice president for 2018. The board will meet on the third Monday of the month at 7 p.m. at the high school’s lecture hall. The exception to the meeting dates will be the month of February, which will meet at 7 p.m. on Tuesday, Feb. 20.

The board appointed Mark Iiames to serve as the OSBA student achievement and legislative liaison for the district in 2018.

The board also approved a resolution to reinvest its $8,585,000 school improvement bonds for the district’s K-8 building project. According to district treasurer Lisa Fahncke, the bonds will go out to market for resale and is projected to save the district approximately $1,015,000 (net savings) through the resale of the bonds, or a savings of approximately 10 percent for the bond project.

Fahncke explained the resale of the bonds is a regular refund of the bonds and not an advance refunding.

“What that means is the bonds are taken back to the market for resale. It gives us an opportunity now to save our tax payers some dollars in that we can obtain a lesser rate on the bonds,” she said.

The board unanimously approved the resolution, which is the first step in the refinance process. The bond payments for the K-8 building project will end in 2029, according to Dr. Rappold.

“It’s definitely substantial and worthwhile,” Fahncke later said.

In 2016, the Miami East Board of Education voted to refinance the district’s high school building project bond. That refinance proposal was for the $5.3 million bond for the high school project and was projected to save $33,000 per year, or $525,000 for the life of the bond, for the high school building project. The bond will be paid in full in 2037.

President Fellers stated he was pleased with how the district has been handling school delays and closings due to the winter weather.

In other news:

• Dr. Todd Rappold reported that the late Dave Weaver was honored recently as the Helen and Howard Caven Athletic Supporter of the Year at the Jan. 6 basketball game. Weaver was involved in many youth football programs and was the high school football game announcer for 40 years. Weaver’s daughter accepted the honor on behalf of the Weaver family.

• Dr. Rappold reminded the board the Miami East Education Foundation’s annual VikingFest will be held from 10 a.m. to 3 p.m. on Feb. 17 at the K-8 Building. The event funds student scholarships and staff personnel grants.

“It’s a fun-filled day for the kids … and all the money stays in the district,” Dr. Rappold said.

• Rappold also reported the Miami East Junior High donated more than 2,000 canned goods during a recent drive. The food was donated to the Fletcher United Methodist Church’s food pantry.

The district is accepting applications for the Miami East Hall of Fame nominations through Jan. 31.

From left, Miami East Local Schools’ treasurer Lisa Fahncke administers the oath of office to Mike Rindler and Brandon Fellers on Tuesday.
https://www.tdn-net.com/wp-content/uploads/sites/21/2018/01/web1_EastBOE_cmyk-1.jpgFrom left, Miami East Local Schools’ treasurer Lisa Fahncke administers the oath of office to Mike Rindler and Brandon Fellers on Tuesday.
Resale of K-8 building project’s bonds to save $1 million

By Melanie Yingst

myingst@aimmediamidwest.com

Follow Melanie Yingst on Twitter @Troydailynews

Follow Melanie Yingst on Twitter @Troydailynews

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