C-FC Bond Debt

The Cochrane-Fountain City School District saved enough to pay off a $750,000 bond debt balance for money that was used to erase unfunded pension liabilities owed to the Wisconsin Retirement System.

C-FC Superintendent Tom Hiebert said the district was able to maintain and grow its fund balance enough in recent years to pay off the debt.
The school board in 2009 approved a $950,000 bond issue to retire its unfunded pension liabilities owed to the state retirement system.

The bond issue was at less interest than the rate being charged against unpaid pension debts. Paying off the bond debt in full amounted to large savings on interest.

Eliminating debt might open up new opportunities for improving education services, Hiebert noted.

Debt still owed on a referendum bond issue for building improvements 15 years ago is scheduled for final payoff by 2018.

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