The Berryville School District is on track to save more than $450,000 after the school board voted Monday, Dec. 14, to sell a $2.6 million bond.
Board member Chad Wilson moved to adopt a resolution authorizing the issuance and delivery of the bond slated for Jan. 1, 2021, and the board unanimously agreed to do so. Superintendent Owen Powell said the bond sale was a really big deal for us, adding the bond was previously financed at 2.5 percent and the board sold it for 1.12 percent.
So well end up saving the school district $466,000 over the life of that bond, Powell said. Thats huge savings. Its a significant amount. Interest rates right now are just incredible. If you think about that for a second, 1 percent interest rate thats pretty amazing.