(SANDUSKY) -- The Sandusky School Board passed the initial "parameters resolution" to refinance the 2004 Bond during last Wednesday's meeting. According to Superintendent Mike Carmean, if market conditions remain favorable, the district will save approximately $350,000 in interest on the remaining payments. That will allow for a decreased millage rate for the balance of the loan. Superintendent Carmean informed the board that the original bond issue, approved in 1993, was in the amount of $11,300,000 for the purpose of constructing and equipping the high school building, as well as additions to the middle school and elementary school buildings. The bonds were refinanced in 2004 at an average interest rate of 3.94%. The principal amount of the possible upcoming finance will be $4,865,000 at an interest rate averaging 1.69%.
Also during the meeting, board members approved the 2013-2014 school calendar and accepted the retirement of 1st grade teacher Cindy Reisner. Mrs. Reisner has been teaching for 33-years, 28-years with Sandusky Schools.