April 4, 2018 at 5:30 p.m.

Schools consider refinancing to save money

By By Paul [email protected]

The Flat Rock-Hawcreek School Corp. expects to save about $1 million on the debt incurred from a school building merger.

Superintendent Shawn Price said the school board decided in a recent meeting to take advantage of historically low interest rates, which would cut its interest by more than half, from 4.75 percent now to 2.2 percent.

The district is still looking for a bank to do the refinancing, Price said.

In the meantime, district officials are putting together a priority list for other projects that had been previously delayed because of a lack of funds. Price said they hope to finalize that list by the end of October and start projects by Christmas.

"It really is a fantastic opportunity," he said.

School officials entered into a voter-approved overhaul of their buildings in 2009, when a more than $19 million bond issue enabled the construction of a 90,000-square-foot addition between Hope Elementary and Hauser Jr./Sr. High School. The merger created a single campus that centralized northern Bartholomew County's public educational facilities along State Road 9, south of downtown Hope.

The unpaid balance stands at just over $14 million, Price said.

Final payment is scheduled for 2029.[[In-content Ad]]