DISTRICT OPTS TO RE-FI LOAN SCHOOL CASH NEEDED AFTER THREE FAILED BONDS.Byline: ALEX DOBUZINSKIS Staff Writer ACTON -- After failing three times to pass a school construction bond, the cash-hungry Acton-Agua Dulce Unified School District A unified school district is a school district which includes both primary school (kindergarten through middle school or junior high) and high school (grades 9-12). In Illinois, these districts are called unit school districts. is going to refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. a loan to pay for school improvements. The school board voted 3-0 on Friday evening to approve the re-fi arrangement. ``I think anytime you can ... find creative ways to free up financial means when you're in tight budget constraints A Budget Constraint represents the combinations of goods and services that a consumer can purchase given current prices and his income. Consumer theory uses the concepts of a budget constraint and a preference ordering to analyze consumer choices. , it's a good thing,'' said Superintendent Stan STAN Stanchion STAN Stärke- und Ausrüstungsnachweis (German) Stan Standard Man (human patient simulator) STAN SEMCIP Technical Assistance Network STAN System Trace Audit Number STAN Star Trek Area Network Halperin, who took the top post last week. In 1998 and '99, the district took out two loans totaling $4.9 million, and used the money to build Meadowlark meadowlark, common North American meadow bird of the family Icteridae, also called meadow starling. Unlike other members of the family, which comprises blackbirds, grackles, orioles, and others, the meadowlark does not travel in large flocks, and it eats harmful Elementary and Vasquez High. The district would have paid a total of $4.4 million under its old loan arrangement to pay off the remainder of the loan. But under its re-fi plan, the district will extend its loan payments from 2019 to 2029 and pay $5.7 million in total to pay off the loan -- or $1.3 million more than under the old arrangement. By reducing its annual payments through 2014, the district will get a total of $1.28 million in ready cash to spend on school improvements. School board members already have ideas for how to spend the extra cash, including investing more in instruction programs at Vasquez High, expanding vocational education vocational education, training designed to advance individuals' general proficiency, especially in relation to their present or future occupations. The term does not normally include training for the professions. , opening the gym at Vasquez High and starting before- and after-school programs. None of the plans call for replacing modular structures at Vasquez High with permanent buildings, a more costly proposition. ``The positive, snowball effect For other uses, see Snowball (disambiguation). Snowball effect is a figurative term for a process that starts from an initial state of small significance and builds upon itself, becoming larger (graver, more serious), and perhaps potentially dangerous or disastrous (a is by implementing the educational enhancements, more kids will want to attend the district,'' said school board President Melissa Harnett. ``Which then brings in more (state funding,) which gives us more money to add the enhancements,'' she said. Three bond measures the school board put to local voters, many of whom are retired, were defeated. Earlier this year, the district learned it was ineligible in·el·i·gi·ble adj. 1. Disqualified by law, rule, or provision: ineligible to run for office; ineligible for health benefits. 2. for financial hardship money, state funds it wanted to use to build permanent structures at Vasquez High. ``We're trying to be very creative in increasing revenue into the district,'' Harnett said. The district obtained the 1998 and '99 loans as certificates of participation, which are an alternative to bond measures for school districts needing school construction money. The documents allowed the district to join together with other school districts to obtain private financing. Not including interest, the district has $3.4 million left to pay on the two loans. alex.dobuzinskis(at)dailynews.com (661) 257-5253 CAPTION(S): box |
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