The Hermitage School Board met in Special Session August 6 to approve closing documents on an existing bond issue, to refinance the bonds and save money. All seven members of the board and the Superintendent, Dr. Tucker were on hand along with the district's financial advisor, Mr. Ray Beardsley, Sr. Vice President of FirstSecurity Beardsley. Mr. Beardsley went over the documents and explained the savings.
The documents indicated that the low rate was submitted by FHN Financial Capital Markets at a rate of 1.402612%. The Citizens Bank of Batesville, Arkansas was appointed as Trustee. Bond Counsel is Friday, Eldredge & Clark. The new issue will save the District $321,559,81 over the life of the bond issue. By a vote of 7-0 the board approved the document.
According to Mr. Beardsley the closing will take place August 20, 2020.
The board then voted to employ First Security Beardsley as financial advisor for a period of three years effective August 6.
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