The Conway School District Board of Education voted Tuesday to refund a bond issue, thereby saving $1.3 million.
At its November meeting, the board hired Scott Beardsley of First Security Beardsley Public Finance, who said he would investigate the possibility of significant savings through a refunding. The bond issue was reduced from $42,145,000 to $41,325,000.
Beardsley told the board the savings can be set aside and may only be spent on purchases such as academic equipment or new construction — not for everyday operations.
Superintendent Dr. Greg Murry said when the district realizes the savings from the refunding of the bond issue, it will eventually save the public money and the district will have less need to ask for money.
Also, Beardsley noted the lease purchase of the former SAS plant is progressing and will likely close on Friday. The board voted in November to purchase the 52,000-square-foot building for $800,000. The building adjoins the transportation department and will be used to expand its operations and for other purposes.
Murry also reported to the board on the findings of the audit of the fiscal year ending June 30, 2008. He said the only issue auditors found was with the segregation of duties. Auditors said the district needed more employees in the process along the way between approving an expenditure and writing a check.
"Every district in the state gets this citation every year," Murry said. He added the district may hire more employees when possible.
In other business, the board accepted resignations from Rhonda Schiamara and Helen Edwards and hired Kenneth Harris, bus driver; Virginia Weaver, food service worker; William "Dusty" Brown, teacher, Julia Lee Moore Elementary.