By CLINT FOSTER
The Mineral Wells ISD Board of Trustees received a helping of good news at a special meeting, Thursday afternoon, when financial advisors informed them the interest rate on the district’s $25 million bond package had decreased from five percent to 4.47 percent.
According to Superintendent Dr. Gail Haterius, Chief Financial Officer Paul Hearn calculated that – even with such a seemingly miniscule difference – the district stands to save approximately $4 million in payments over the life of the bond.
“I was very pleased,” Haterius said. “We’re always trying to be efficient. That’s how we were able to give all of our employees a slight pay raise this year. We always want to save money wherever we can so we can put money back into the school system.”
Also at the meeting, the School Board adopted an order authorizing the actual sale of the bond and all that entails.
The bond, which was passed by Mineral Wells voters in November, 839-622, will finance the construction of the new replacement Lamar Elementary school as well as a new track for Mineral Wells High School, improvements to Mineral Wells Junior High and improved security for all district campuses.
Trustees approved the schematic design for the replacement elementary at a regular meeting of the School Board, Tuesday night, when representatives from VLK Architects unveiled a fully-rendered digital model to the public, complete with a fly-through animation.