HOPE – The Hope Public Schools board took advantage of a bargain Monday night and saved about $1.3 million almost immediately.

Jason Holsclaw, representing Stephens, Inc., of Little Rock, bond advisors to the district, told the board a refunding bond issue in the amount of $5.25 million in Sept. 3, 2020, bonds maturing through 2046 was sold to Dallas-based SAMCO Capital Markets at a true interest rate of 1.63 percent.

The refunding issue reduces the district’s interest rate from its current 3.5 percent, resulting in an almost immediate savings of $1.3 million in total interest costs, and potential total interest savings of some $5.3 million over the term of the bonds.

Holsclaw said five capital funds bid for the HPS refunding issue with a margin of only approximately .16 percent between the highest and lowest interest rates.

The board unanimously approved a resolution reflecting the change.

In other actions Monday, the board:

--Adopted an increased substitute teacher pay rate of $82.50 per day to reflect changes in state law.

--Approved the sale of laptop computers used by teachers at $125 each on a first come basis.

--Adopted an annual tuition agreement with the Nevada Public Schools in Rosston.

--Approved personnel recommendations after a brief executive session.