Two young people received California High School diplomas as part of the Missouri Option Program at the regular California R-I School Board meeting Wednesday, March 18.
Tyler Dummermuth and Josh Foxworthy each made a presentation to the board about how much they appreciated the opportunity to earn their diplomas and the difference expected in their lives.
One resignation, that of Elementary Teacher Amy Phillips, was accepted for the end of the school year.
In other business, the board approved a refunding bond resolution after a presentation by L.J. Hart and Company representatives Kelly Liermann and Holly Murphy. The resolution authorized the sale of $2,280,00 general Obligation Refunding Bonds at an average interest rate of about 1.04 percent, compared to the series 2010 Refunded Bonds which carry an average interest rate of about 2.99 percent. The future interest expense will be lowered by about $100,749. The final repayment period is a full year shorter, on March1, 2020 instead of March1, 2021. Adding this amount to savings of about $1,901,872 from three general obligation bond refundings and one lease certificates of participation means the district has saved $2,002,621 in interest expense since 2005. Superintendent Dwight Sanders was supportive, even enthusiastic about this refunding option. "This plan does not materially change our existing annual debt service payments, while preserving considerable flexibility for the district in the future," Sanders said. There is also a call feature for March 1, 2018, with no penalty. "If interest rates are lower in 2018 or later, we can take advantage of that," said Board President Jay VanDieren. "Meanwhile we are locking in these levels that are nearly 2 percent lower than they were in 2010. Liermann explained that the proposal can fit into the long range plans of the school district. The three significant factors making the Series 2015 refunding possible were: lower interest rates than in 2010; the bonds in question are subject to pre-payment on April 1, with no penalty; and the ability of the school district to participate in the State of Missouri's Direct Deposit Program. This program makes it possible to receive a "AA+" rating from Standard and Poor's Corporation on the refunding bonds. The school board was complimented in the foresight of making the 2010 bonds callable in five years.
The Series 2015 Refunding Bonds were underwritten by L.J. Hart and Company. Central Bank purchased $1,360,000. Hawthorn bank bought $250,000. The closing is set for March 31. The board members were pleased at the development of the refunding plan. "It is nice to be able to save $100,749 of our taxpayers money and boost our total savings to about $2,002,621," said Board Vice President Craig Ash.
Other items included approval of the February bus ridership list for the 2014-15 school year.
Elementary School Principal Daniel Williams reported the enrollment at 607, an increase of one from last month. The school has elected to pursue a Monsanto Company grant which is offered to support science and math. Any Moniteau County farmer who farms a combination of 250 acres of corn and soybeans is asked to sponsor the school. Only a few informational items are needed and Williams is willing to complete all of the necessary documentation. The cookie dough fundraiser is coming up next fall.
Middle School Principal Matt Abernathy reported 310 students enrolled, two more than last month. Lily Ogg represented CMS at the regional competition in Columbia later in the year. She made it into the fourth round, the farthest of any CMS student in the regional contest. Her final word was "Mahatma," from the Sanskrit language. She took second place in the Feb. 6 contest at CMS.
High School Principal Mike Hight reported 396 students enrolled. There were eight early graduates and four Missouri Option graduates. Nominees for Boys State and Girls State have been finalized and donations from individuals, local business and civic groups have been received for the total amount needed, $300 per student. Boys are Jacob Small, Mason Albertson and Greg Schroeter. Girls are Katie Imhoff, Sarah Bryant and Hannah Banderman.
The next regular board meeting is Wednesday, April 15.