Malvern School Board discusses bond refinance

During a regular meeting of the Malvern School Board Monday, board members discussed the possibility of refinancing a 2016 bond in hopes of saving the school district money.

In 2016, the interest rate for the bond was 2.71 percent compared to Monday’s interest rate of less than 2 percent at 1.79, according to information presented to the board.

Officials with Stephens Inc. believe the refinance could save the district about $200,000 over the next two years. The change will not lengthen or shortening the term of the bond.

During this discussion, Superintendent Brian Golden recommended the refinance.

The district will not be able to refinance the bond until October, but the board voted to authorize district administration and Stephens to work together in the process and to file an application with the Arkansas Department of Education.

The board also voted to approve E-bids for upgrades to management systems at Malvern Middle School and Malvern High School. The lowest bid for the project was submitted by White River Services and the district’s cost will be $3,456.53.

After meeting in executive session for about 40 minutes, the board members returned to the open session and approved two employee retirements, which will both be effective at the end of the 2020-21 school year.

Jacqueline Henson will be retiring as a Malvern Elementary School teacher and Shannon Hobbs will be retiring as Malvern Elementary School Media Specialist.

The board is schedule to meet again at 6:30 p.m. April 12.