Bid approved to refinance bonds in FC School District
Board tables vote on Hardrick’s contract after executive session
The Forrest City School Board last night approved a bid for refinancing the districts bonds from November 2016, a move that is expected to save the district about $350,000.
Initially, the move was expected to save the district about $260,000, but board members learned last night that the new estimated savings is $349,055.40.
Michael McBryde, vice president of the public finance department at Stephens Inc., told the board the bid offering the lowest interest rate was from Crews & Associates. “They submitted the lowest bid with an interest rate of 1.851821%," he said, adding that the bid was one of five qualified bids for the bonds.
"In addition, the district will probably see a wire transfer into its account in the amount of $146,900," said McBryde. "This amount represents the ‘good faith’ deposit submitted by the investment firm."
McBryde told the board that the low interest rate was locked in before the rates increased over the past weekend and that the good faith deposit is to make sure firms continued with agreements at the lower interest rates and that the district would be required to wire the funds to the trustee of the 2022 bonds no later than Feb. 15.
"I was very pleased with the bid," said McBryde. “We couldn't be happier with the results."
McBryde explained to the board that the resolution he needed them to sign last night is the same as the one they signed before the bonds were issued.
In other business, the board approved a resolution for local support of the 2022 facilities master plan.
Superintendent Dr. Tiffany Hardrick explained that the district had to submit a master plan for the Arkansas Division of Public School Academic
Facilities and Transportation each year.
The 2022 plan includes committed capital projects such as parking lot repairs, the industrial arts building and HVAC for the high school. It also includes planned capital projects for expansions at the Central and Stewart elementary campuses.
The board also approved new hires in personnel for Jayla McNutt as a new teacher at Stewart and Channing Mitchell as a long-term substitute at Stewart.
Board members called an executive session that lasted a little over an hour to discuss Hardrick’s annual evaluation, but upon reopening the meeting to the public said the board would vote on her contract at the February meeting since all board members did not attend Thursday’s meeting. Board members Joey Astin and Yolanda Mason were absent.
The board also approved a renewal proposal for BXS Insurance, the district’s liability
and employment insurance provider.
Jaquize Green was recognized by the board for being the first high school student to earn a commercial driver's license in Arkansas.
Representatives from East Arkansas Community College attended the meeting and expressed their excitement in continuing the program Green recently completed through the high school.
Hardrick attributed the success of the pilot program to not only Green's hard work but the support of teachers, administrators and parents.
"Thank you for trusting the idea as well," Hardrick told the board.
Robert Summers, vice president for vocational, occupational and technical education, said commercial driving is currently one of the professions where drivers are needed to help keep communities and the nation's economy moving forward.
"We are very fortunate to have great leadership," said Summers of the success of the pilot program.
"He was one of the best young people I've had to train," said Everette Woods, EACC's trainer and instructor for the CDL program. "He will make an excellent driver.”
Board president Sandra Taylor said she is proud the program started in Forrest City and is excited to see other programs and partnerships now being discussed across the state.
Board member Larry Devasier also praised the cooperation between Hardrick and EACC President Dr. Cathie Cline.
"We always talk about working together," said Devasier. "This is what we mean and what we can achieve when we do."
Hardrick and Cline each said they are innovative thinkers who worked well together for the benefit of the community and students they served and that they looked forward to additional partnerships to continue to better the area.
Hardrick told the board that the district has about 2% of its instructors unable to attend classes due to Covid.
"We did additional cleaning during the holiday break so we can continue to keep our children and instructors safe," said Hardrick. “The Forrest City School District has done a lot of great work around disinfecting and cleaning up."
At the request of Hardrick, the board voted to approve a bill of about $60,000, to be paid with ESSER funding, for the additional holiday cleanup.