The Waupaca School District will be debt-free in four years, and the school board is currently trying to lessen the debt that remains. The board is looking at refinancing the 2006 general obligations bonds that are set to be paid off in 2018-2019.
The current principal on those bonds stands at nearly $4.3 million, with a 4% interest rate. Carol Wirth, the president of Wisconsin Public Finance, told the board last night a 2016 re-fi could save the district over $150,000. Wirth is projecting a net interest rate on the new bonds at 1.61%, and with using some of the district fund balance, could generate over $200,000 in savings to the debt levy in 2017 and 2018. And, the new bonds would not extend the debt beyond 2018-2019. A January bond sale has been tentatively set, at which time the district will know the actual interest rate.
The board last night also formally accepted the retirement notice of long-time District Administrator, Dave Poeschl, who plans to step down at the end of the school year. The board did listen to a presentation from Don Stevens and Associates, a school district executive search firm from Portage. No official timeline has yet been established to hire a new administrator.