Skip to content

Boyceville School Board helps tax payers by refinancing Refunding Bond

By Kelsie Hoitomt

BOYCEVILLE — On Monday night, the Boyceville Board of Education approved the resolution authorizing the issuance and establishing parameters for the sale of not to exceed $4,500,000 from the General Obligation Refunding Bond.

The District received expert counseling from Robert W. Baird and Quarles & Brady over the matter, which has provided a positive outcome for the tax payers as the bond lowers the levy.

2008-2009 bonds that were call-able, these were the bonds to consider refinancing on.

“One of the goals we’ve had over the last several years has been to get the debt paid down as best we can,” said Superintendent Kevin Sipple. “With the issuance of the new bonds and lowering of the interest rate, we can actually lock in… and take a step towards Baird making a decision along with myself and Sharon in the best interest of the District and get that interest rate at the best possible place so we can lock in.”

This District has been seeing interest rates of between 4.2 and 4.7 percent, however the new issuance drops that by two percent, which is significant.

This impacts the debt service levy. So over the first four years of these new bonds, that levy decreases significantly.

There is about $1.3 million in debt levy over the past three years and now the District is looking at that number to be roughly one million flat by October. So that $300,000 less does benefit tax payers.

In 2018 the District can refinance once again, which will again give the District a chance to look at interest rates and how the economy is sitting.

This is good news for District tax payers, but what is happening with Governor Walker’s proposed budget is not necessarily.

Just over a week ago the budget was proposed and what is written in it could effect revenue to the District. If the budget passes as is, the District could take a huge hit as they would lose $150.00 per pupil.

Sipple stated that watching and reading about what the legislature is doing is going to be very important over the next upcoming days.

In terms of money, the Board approved a grant from the Wisconsin Institute of Certified Public Accountants in the amount of $1,872. This is for the Accounting Career Awareness Grant application that was applied for by Connie Swanson.

The Board also approved the hiring of Blaine Leslie as the Assistant Baseball Coach and Kim Webb as the Assistant Softball Coach. They did also accept the resignation of Ashlee Wisemiller as Middle School Volleyball Coach.

The Board approved other items such as the Treasurer’s Report with checks listed from January 19 through February 11. They approved presented budget revisions. They approved the presented school calendar for 2015-2016 with a couple items to be finished. And they approved the spring out-of-state and overnight field trips list.

In other news, High School/Middle School Principal, Steve Glocke was excited to announce to the Board that Hannah Jerrie is the qualifying student for the Academic Excellence Scholarship, which goes to the graduating senior with the highest GPA at the end of seven semester and hers is 4.197.

If Hannah is out of state for some reason, the alternates are Alexa Peterson (4.176), Megan Bird (4.158), Nolan Windsor (4.007) and Logan McAbee-Thomas (3.941).