Deer Lakes to hold special meeting about bond issue refund

The Deer Lakes School Board has scheduled a special meeting for Wednesday to discuss advanced refunding of the bond issue.

The school board had hoped to formulate a resolution for advance refunding of its bond Tuesday night, but bond counsel Anthony Ditka of Dinsmore & Shohl erroneously submitted an old legal newspaper advertisement from 2017.

Ditka apologized to the board and suggested a special meeting instead of waiting until the next school board meeting on Nov. 12.

The current Deer Lakes bond debt is $23.2 million.

Advance refunding in reference to a bond issue is when new bonds sell at a lower rate than an outstanding bond. Also, advance refunding can be used when one bond issuance is used to pay off another outstanding bond.

The bond rating will be determined at the Wednesday meeting.

School district officials added that the board would take up any other business that might come up.

New position created

The school board gave final approval last week to create a new central office support staff position.

The new position will entail accounts payable, purchasing and tax coordinator. Officials said interviews are now being conducted for the new position.

The school board also accepted the resignation of school district accountant Mike Zourelias who is moving on to the Gateway School District.

Zourelias worked for 15 years at Deer Lakes.