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Thursday, 22 August 2013 10:47

Sandusky Community Schools refinance high school bond at lower interest rate

(SANDUSKY) -- The Sandusky School Board met Wednesday and approved refinancing the bond on the high school. According to Superintendent Mike Carmean, the district took advantage of a new interest rate of 2.16% on the remaining debt of $4.75 million. The adjustment will save the district $236,793 and the bond is now scheduled to be paid off in 2021.

Board members also ratified a new contract with the district's teachers. The language is for 3-years. The financial terms for 1-year are based on the 2013 fall student count. If the student count is greater than or equal to 965, but less than 975, there will be steps and rails in the contract. If the count is greater than or equal to 975, there will be a 1/2-percent salary increase. Financial terms for the 2nd and 3rd years will be based on the school audit and fall student count and be negotiated in October 2014 and 2015. Benefits include changes in dental, vision, life and LTD, which will be in effect for all three years of the contract.

The Sandusky High School and Elementary School Open Houses will be Wednesday, August 28. The High School will be open from 5-6 p.m. and the Elementary School will be open from 5:30-6:30 p.m. for parents and students.