The Zachary Community School Board agreed Tuesday to refinancing some $15 million in bonds, allowing the district to take advantage of lower interest rates.
The bonds have a 20-year life and were issued in 2006, 2007 and 2008 to fund building projects, business manager John Musso said. Refinancing will save taxpayers about $950,000 for the life of the bonds, he said.
The bonds’ interest rate stands between 5 percent and 7 percent, Musso said. Once the bonds are refinanced, that rate should drop to 2 percent to 4 percent.
The sale likely will take place in the next few weeks, after the district confirms its credit rating with Standard & Poor’s, which currently is AA.
“It will at least be the same, if not better,” Musso said, adding that the high rating will help lock in a better interest rate.
Several Zachary High School students sat in on the meeting as part of the Z-Star program. The program allows juniors and seniors interested in becoming teachers to get credit for college courses in education.
The board also presented a slew of awards Tuesday, including to the family of Jesse Spears, who died about a year ago, for his service to the school district.
The board recognized students of the year from each of the district’s schools: Rhett Broussard, of Zachary Early Learning Center; Addison Todd, of Northwestern Elementary School; Reed Clouatre, of Rollins Place Elementary School; Abigail Morris, of Zachary Elementary School; Gavin Malden, of Copper Mill Elementary School; Ethan Savario, of Northwestern Middle School; and Elise Goff, of Zachary High School.
Also recognized were Zachary High students Kennedy Wilcher, who placed in a DEMCO essay contest, and Kyla Bates, a state winner in the Poetry Out Loud competition; and the school’s girls basketball team, which won the 4-5A district championship, and girls track team, which won the indoor track state championship.