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Refinancing to save $171,300

September 15, 2011

    To take advantage of currently low interest rates, the Adams Central School Board voted 7-0 at its September meeting to refinance the remainder of the bond issue that came with the construction of an elementary school addition in the early 2000s.
    By refinancing, AC will save almost $179,000, according to a report presented at the meeting by Damian Maggos of City Securities of Indianapolis, an AC fiscal advisor for a number of years.
    The board chose to refinance with a "private placement" through PNC Bank, which has a branch office in Indianapolis. To refinance the traditional way, said Maggos, would have brought only $171,300 in savings.

    In other matters, the board approved the hiring of Courtney Hoffman as a kindergarten aide. She was let go by the North Adams school system in a staff cutback and is a certified teacher.
    Hoffman was a kindergarten aide at AC during the 2009-10 year.
    Meanwhile, a 6-0-1 vote hired Michelle Frock as a kindergarten aide. She has been a preschool teacher at First Presbyterian Church in Decatur and speaks German and Swiss, which will help with some of AC's students.
    Board member Steve Bailey abstained because Frock is married to one of his nephews.

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