Last year Bancroft-Rosalie School refunded approximately $1,767,068 of bonds that were previously issued. The refunding saved the district several thousand dollars because the new bonds were issued at a lower interest rate. The old bonds were called in and the payment date will be in January 2012. This amount was left off the 2011-12 budget because it was thought that they would be paid in the 2010-11 budget year. The school auditor noticed this during our annual audit and recommended that the budget be amended to pay for the refunding.
At the November board meeting the school board will be taking action to amend the 2011-12 bond fund from $510,000 to $2,204,000. There will be no change in the property tax asking because the payment will be made from the proceeds of the refunded bonds.
