BPSB votes to sell $25 million worth of bonds, sale to speed up school construction
BOSSIER PARISH, LA (KSLA) -
The Bossier Parish School Board voted Thursday afternoon to save the district $2 million, which will speed up their school building plan.
The board voted to sell $25 million worth of bonds Thursday afternoon, while the interest rates on them are low. During the meeting, the board chose to sell the bonds to the best bid, which was Bank of America. This means the board can use the money made from the sale to pay off bonds from 2006, 12 years early.
BPSB Superintendent DC Machen explained, the board's action will save the district over $2-million in interest. "It also accelerates the 10-year project where some items may have been delayed to year 5 or year 6, we can possibly move up on the construction schedule and get these school's ready for the continued growth at a faster pace," said Machen.
The $210 million 10-year school construction project was approved by voters in 2012.