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La Vernia advisors may save district $1 million
The La Vernia Independent School District (ISD) may realize a savings of $1 million, following a decision Feb. 3 by the district’s board of trustees.
According to board President Cody Miller after the meeting, the board authorized the issuance of “unlimited tax refunding bonds.”
“Our advisors expect that they can save the district approximately $1 million through this issuance,” Dr. Miller said.
Those advisors were the subject of another board decision. The trustees approved changing financial advisors from Coastal Securities to U.S. Capital Advisors.
Miller said Coastal Securities is moving away from providing the type of support the district requires, and that going with the same team will allow the district continuity.
Further monetary matters also were addressed, including a $5,000 donation from the Guadalupe Valley Electric Cooperative (GVEC). The funds will be used to support the athletics program with a shooting machine for the basketball teams and home and visitor signs for the seating in the gym, Miller said.
The trustees also approved a bid for property that had been struck off the tax rolls and failed to sell at a foreclosure sale. The district will receive a little more than $1,000, if the bid also is accepted by Wilson County.
Staying with the financial tenor of the evening, the trustees approved purchasing two buses from the fund balance. Superintendent’s Secretary Diane Marsh confirmed the purchase price is $190,128 from Longhorn Bus Sales. A delivery date has yet to be determined.
The buses have some upgrades, including storage capacity on the underside, Miller said, adding that even with the upgrades, they will cost less than the buses purchased last year with no upgrades.
The board did not take action regarding the possible change to the district’s fiscal year start date. Director of Finance Kati Burke has been asked to contact districts which have changed to a July 1 to June 30 fiscal year to gather more information about the benefits and challenges. This may be addressed again at a future meeting.
Also discussed by the board were statements of impact sent by two charter schools. Since the board does not think either school will have a significant impact on the district, the trustees took no action on this.
Following an executive session, the board approved hiring two professional employees, one who will serve the special education students at the primary campus and the other in a teaching position, Miller said.
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