Timely action by the Fayetteville Board of Education will provide over $1 million in savings from previous bond issues that will be utilized for future capital projects in the district.
The school board voted unanimously in July 2016 to authorize Stephens, Inc., to file an application with the Arkansas State Board of Education to refund Series 2010 and 2011B Bonds - combining and refinancing two previous capital construction bond issues from 2010 and 2011. The goal at the time of the vote was to realize approximately $727,000 in accelerated savings.
At their meeting tonight, the Board voted unanimously to the refinancing of bonds that will result in a savings of $1,095,021 for the district.
“I appreciate the good work of Stephens, Inc., and the district’s financial staff in keeping track of these kinds of opportunities to secure additional funds for the Fayetteville schools,” said Board President Tim Hudson.
“This action will benefit the children of our district through timely capital projects,” said Superintendent Dr. Matthew Wendt. “I am pleased by the careful financial planning of our board of directors.”