The Cherokee School Board met in special session on Monday Nov. 5 to approve the refinancing of the bond that was issued for the construction of the Cherokee Middle School.
Law requires a bond to be refinanced once during the term of the bond.
The board and the administration had determined some time back that an interest rate of 3 percent would be the target for refinancing the bond.
Because or the volatility of the bond market, it had been decided that the board would meet in special session to act as quickly as possible. By meeting on Monday, the board was able to lock in the 3 percent rate.
The district will save $180,000 over the term of the bond by refinancing.
The board also took action on an early retirement policy revision and approved the hiring of a custodian.
Because of legal advice, the board removed the age ceiling on eligibility for early retirement benefits. This is the result of civil actions taken in other districts claiming that an age ceiling on early retirement is age discrimination.
There were no other changes to the early retirement policy of the district.
The board approved the hiring of Doug Driggs as a full-time custodian.