Elmwood schools will save $480,000
By BILL KNIGHT
For The Weekly Post
ELMWOOD – The Board of Education for District 322 on Monday unanimously approved issuing $8.5 million in refunding bonds to refinance its General Obligation School Bonds, Series 2017.
The move will save the District $480,000 in nominal interest, according to Superintendent Chad Wagner.
“In order to realize those savings, the interest rate will need to be at approximately 2 percent when the bonds are issued,” Wagner told The Weekly Post. “If that is not the case, then the District will pull out of the refinance option.”
The Board’s Finance Committee recommended the action after meeting with Bernardi Securities of Chicago at a Jan. 6 committee meeting. There, Vice President John Vezzetti of Bernardi’s Peru office outlined the company’s background and the refinancing arrangements.
The Board resolution provides for the levy of property taxes to pay the principal and interest on such bonds, and it authorizes the execution of an escrow agreement approving the sale of the bonds to Bernardi.
Meanwhile, the Board approved promoting Marcy Brugger to become the Elementary School Principal for the 2021-22 school year. Brugger, currently the K-12 Technology Coordinator, will replace Dimitri Almasi, who’s going to be Middle School Principal at Illini Bluffs, where he went to school and still lives. In other news:
• Junior/Senior High School Principal Tony McCoy reported, “After-school activities have started up again as we wait for guidance from IESA and IHSA for season dates,” and Scholastic Bowl contests have begun with Tuesday and Thursday competition nights – with Peoria Area League and Prairieland Conference events held virtually;
• Caroline Colgan will represent Elmwood High School as the Lincoln Award winner for the Peoria Regional Office of Education.
• The Junior/Senior High School this semester will host four student teachers: Nicholas Brow (Bradley University) with Erik Davis (social studies); Danielle Harris (Western Illinois University) with Tiffany Bell (special education); Alyssa Schmidts (Bradley) with Kyle Anderson (Math), and Laura Volpe (Bradley) with Cindy Alcaraz (Science).
• Board members approved maternity leaves for ag teacher Tara Lopeman and K-3 special education teacher Sarah Christy for parts of the 2020-21 school year.
BILL KNIGHT can be reached at bill.knight@hotmail.com
