HANCOCK - The Hancock Public Schools Board of Education took action Monday during its regular meeting to save the district residents money by refinancing bond debt.
Jeff Klein, district business manager, said by refinancing the bonds for Gordon G. Barkell Elementary School, the Hancock Middle School and Hancock Central High School, the district will save about $800,000.
With the refinancing, the interest on the bonds will drop from 4.5 or 5 percent to 2 to 2.5 percent, Klein said. However, the savings won't be realized until 2022.
Kurt Hauglie/Daily Mining Gazette
The members of the Hancock Public Schools Board of Education Monday approved taking action to refinance some school debt at their regular meeting.
Klein said there is no drawback to the district to refinance the bond debt, but it will be a positive step for district residents.
"It saves the taxpayers money," he said.
Board members voted unanimously to move ahead with the refinancing process.
In other business, board members:
heard from superintendent Monica Healy she will be attending a workshop next month in Marquette to learn about evaluating administrators and teachers.
heard from district athletic director John Sanregret he was unable to find anyone internally for the junior varsity boys basketball coach position so he will advertise for it now.
heard from Healy that board members Chris Heikkinen, Corey Packard and Paula Nutini's seats will be up for election on the Nov. 6 ballot. Heikkinen and Nutini have chosen to run again.
hired David Monticello of Hancock to do snow removal and sanding for the district.