“It’s a win, win for our school system,” said Dr. Bobby Hathcock, superintendent of Pell City schools.
The refinancing of the bond saves the school board about $107,000, officials say.
Hathcock publicly thanked the mayor and council, and Mara Walls, the custodian of funds and the school board’s chief financial officer, for working to make the refinancing of the 2002 bond possible.
The school board will have the same payments for the same amount of time, but see a savings through lower interest rates, Hathcock said.
Walls said after Tuesday night’s school board meeting, the school system will not see a lump sum refund, but the savings is spread over a three to five year period.
She said the school system will not have to make its August payment on the bond issue, which is a $43,000 savings. The school system will see a $36,000 savings next year, and the rest of the $107,000 is spread over the last three to five years.
“We’re just going to try and hang on to it (the money),” Hathcock said, adding that the school system could see another year of proration because of what has happened in the Gulf.
One of the largest oil spills in U.S. history has turned thousands of tourists and their pocketbooks away from Alabama beaches this year, and sales tax dollars funds a major portion of education in the state.
“We don’t know what’s going on with proration this year, especially with what happened on the coast,” Hathcock said, but he added, “Our students, faculty and staff still have the tools they need.”
In other matters Tuesday night, the board:
• Accepted resignations from Pell City High School math teacher, B-team cheerleader sponsor for basketball and football Jenniffer McGlaughn; Pell City High School C-team girls basketball coach Margo Curran, which does not affect her teaching position; Walter M. Kennedy Elementary School Title I teacher Lorie Myrick; Duran North Junior High volleyball coach Allen Doss, which does not affect his teaching position; and systemwide teacher assistant Katie Moore.
• Approved to hire the following personnel: Amy Everett as a Pell City High School English Teacher and senior class sponsor; Danielle Pope as a Pell City High School business education/marketing technology teacher and yearbook sponsor; Eric Brown as a Pell City High School math teacher; Brittany Beasley as a Pell City High School agri-science teacher and FFA co-sponsor; Janet Griebel as a systemwide speech/language teacher; Belinda Blackstone as a system wide special education teacher; Greggory Davis, Ronald Thornton and Kenneth Snyder as bus drivers and Twila Graves and Cindy Joiner as system wide teacher assistants.
• Approved contracts for Marie King, a speech language pathologist; Ashley Faust, a behavior interventionist; Teresa Mullinax, licensed professional counselor; Dr. Matthew Remick, a behavior interventionist; Paulette Jimmerson, a teacher providing tutoring services for special education students; Rheba Jackson, a para-professional providing tutoring services for special education students.
• Approved to add Yvonne Gamble and Barbara Davis to the substitute teacher list.
• Approved to add Heather Turpin to the substitute lunchroom worker list.
• Approved the leave of absence for Yulanda O’Neal, a Coosa Valley Elementary School secretary. She is expected to return Dec. 17.
• Approved the low bids for milk products
• Approved to renew the board’s membership to the Alabama Association of School Boards.
• Approved membership to the Alabama Association of School Boards Legal Assistance Fund.
• Approved athletic department and miscellaneous salary supplements for the 2010-2011 school year.
Contact David Atchison at firstname.lastname@example.org.