The Wayne County Board of Education has adopted a resolution authorizing a maximum of $775,000 in general obligation school building refunding bonds to be issued.
The action specifies that interest won't exceed 7.5 percent and the bonds will mature in not more than 10 years. The bonds will be sold at a discount from par, expressed as a percentage of principal amount not to exceed 2 percent, it was noted.School officials reported the bonds will be issued to redeem a portion of refunded bonds pursuant to a call for redemption.
The move will allow restructuring principal maturities of the outstanding general obligation debt. It will also save money and increase the amounts available for capital outlays after meeting debt service requirements.
A copy of the resolution may be examined at the district office in Bicknell between 8 a.m. and 4:30 p.m. Monday through Fridays.