Boyceville school district locks in short-term borrowing at 1/2 percent

By LeAnn R. Ralph

BOYCEVILLE — The Boyceville Community School District has locked in the interest rate of 0.58 percent for short-term temporary borrowing of $1 million.

The Boyceville Board of Education approved the short-term borrowing at the monthly school board meeting October 15.

Many school districts routinely short-term borrow to pay bills until state aid arrives.

The school district received four bids for the short-term borrowing, said Kevin Sipple, district administrator.

In 2008, the school district experienced difficulty in obtaining even one bid, noted Gail Stark, president of the Board of Education.

Robert W. Baird & Company submitted the approved bid at an initial interest rate of 1 percent.

Net interest on the loan was $5,874, but Baird offered a premium of $4,320, dropping the total cost of the loan to $1,554, translating into an interest rate of .5762 percent.

Oppenheimer & Company submitted a bid with an interest rate of 1.25 percent and a premium of $2,055, representing a total interest cost of $10,688.

BOSC, Inc. submitted a bid at 1 percent interest with a premium of $3,780 and a total interest cost of $6,414.

U.S. Bank National Association submitted a bid at .0673 percent interest for a total interest cost of $6,860.

Other business

In other business, the Boyce-ville Board of Education:

• Learned that Boyceville students in the Food Fight Challenge collected 1,200 pounds of food and $200 in donations for the Boyceville Food Pantry.

• Learned that the grades 7-12 Veterans Day Ceremony will be on November 12 at 10:45 a.m.

• Accepted the resignation of Theresa Bowen as the basketball cheerleader advisor.

• Approved hiring Stu Skrove as the Science Olympiad assistant.

• Approved hiring Diana Robinson as the seventh grade basketball coach.

• Approved four youth options applications for Chippewa Valley Technical College in Eau Claire. Three of the applications were for Certified Nursing Assistant and one was for Certified Nursing Assistant and medical terminology. The Boyceville School District will pay $438 for each of the three-credit CNA courses and will pay $876 for the CNA and medical terminology application.

• Accepted a donation of $1,000 from Mayo Clinic Health System for the Wednesday Wellness Walk at Tiffany Creek Elementary.

• Accepted a donation of lumber from Sutliff Sawing, LLC, valued at $4,250.

• Accepted a seclusion and restraint training grant from the state Department of Public Instruction in the amount of $448.