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Chelsea school board to vote on refinancing bonds Monday night

File photo of the Chelsea Board of Education Administration Building.

On the Chelsea School Board consent agenda Monday night, is the refinancing of the district’s 2004 school building and site bonds, which is expected to save taxpayers about $1.3 million.

The board held a lengthy discussion about the refunding bonds at its Sept. 10 regular meeting during which Paul Stauder of Stauder, Barch and Assoc. Inc., financial accountants, said the move would mean “a direct reduction of over $1 million in savings to taxpayers and would reduce their taxes down the road. ”

The existing debt would be paid off a year earlier based on a 3-percent tax base growth, he said.

The new, not-to-exceed $12.75 million refunding bonds, would be dated Jan. 1, 2013.

Also on the agenda is a discussion of the new teacher evaluation forms and a presentation on the school bond loan fund by Teresa Zigman, executive director of business and operations.


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