Cumberland School Board Refinances Bond Debt

Cumberland school board members have voted to refinance their bonded indebtedness in a move designed to save the district money.

Tim King of King's Financial spoke about the benefits of refinancing the district's 2008 bond issue at a much lower interest rate. King said the move would save the district more than $141,000 over the next eight years.The refinance will not extend the term of the bond or add any new money; it'll be paid off in exactly the same time period.

The Board agreed to issue $1,827,500 in general obligation bonds at the new rate.

Cumberland board members also employed Brittany Holsapple as middle school head girls softball coach and John Hendrix as middle school assistant girls softball coach. Kari Shoemaker was employed as middle school head girls track coach, and Breanne Edwards as middle school assistant girls track coach. 

The Board accepted the resignation of Logan Boyd as an assistant high school boys basketball coach, and voted to post the position as open.