East Grand School District: School bond sells for almost $1 million
December 26, 2007
The East Grand School District made a large profit on the sale of its bonds granted by voters in the Nov. 6 election, earning almost a million dollars in additional revenue.On Dec. 12, the $18.25 million in bonds were sold on the bond market. As a result, the school district earned a premium on the sale of $977,185.02.In reporting on the sale to the East Grand Board of Education at its Tuesday, Dec. 18, Superintendent Robb Rankin said the bond manager handling the sale told him the market had been volatile that week. Just the day earlier, the sale would have netted about $50,000 less.The bond premium far exceeded the school districts original estimate for the sale. About a month earlier, the bond manager handling the sale for the district believed it would earn about $722,000.The money obtained by the sale of the bonds approved by voters in the Nov. 6 election will be spent to expand the districts current school facilities. The actual cost of the bond $18.25 million will be used to build additions to Fraser Valley Elementary, Granby Elementary and Middle Park High School.The $977,185.02 in bond premium money earned from the sale of the $18.25 million in bonds can only be spent on the districts capital construction needs. It cannot be spent on other areas such as salaries and other operating expenses.New school calendar, other businessIn other business at the Dec. 18 school board meeting, a draft copy of the 2008-09 school calendar was presented. The board plans to review it before granting its approval in January.Under this proposed calendar, the first day of school for next school year will be Sept. 2, 2008, the day after Labor Day. Thanksgiving break will be the week of Nov. 21-27 and Christmas-New Years from Dec. 19-Jan. 4. Spring break is slated for the week of April 5-11. Graduation for Middle Park High School seniors is set for June 6, with the final day of school on June 11, 2009. Also at the Dec. 18 meeting, the districts audit was presented. Paul Backes, a Certified Public Accountant with McMahan & Associates, said the district once again has a clean audit, and described its reserve balances as prudent and reasonable.The board was told the district had once again received its annual accreditation from the Colorado Department of Education after a team of 10 state employees toured its facilities and checked over its programs.Copies of the districts Annual Report to the Public were also distributed to the board for its review. The report was published in the Sky-Hi Daily News on Friday, Dec. 21. Commenting on its contents, Rankin said the district academic performance, which is based upon the results of its students CSAP and ACT test scores, are OK, but not stellar when compared to students statewide.A report was also made on the districts search for a new superintendent. Rankin, who is in his 12th year as the East Grand Schools Superintendent, will be retiring at the end of this school year.The board members were informed the nationwide search for a new superintendent has netted a total of 23 inquiries. As of the Dec. 18 meeting, 15 applications had been received, including eight from Colorado. As a result of that information, the East Grand Board of Education scheduled a special meeting for Monday, Jan. 7 at 5 p.m. at the District Office in Granby where they will hold an executive session to discuss personnel matters, specifically on the superintendent search. Actual interviews with the top candidates for the superintendents job will be held later in January.In addition to its regular business items during the Dec. 18 meeting, the board also recognized three student artists whose work as displayed during the Colorado Association of School Boards convention earlier in December. These students are Bixby Daugherty, a third grader at Granby Elementary; Lauren Burg, a fifth grader at Fraser Valley Elementary; and Tyler Orr, a Middle Park High sophomore.Recognition was also given to Middle Park Highs fall sports athletes who were named to All-State Teams. These student-athletes included Ian Sutton and Michael Zieff for boys soccer; Samantha Berggren for girls cross country; and Mike Schmidt and Chad Sprague for football.