February 25, 2010

Lind School District retires debt, transfers remaining monies to general fund

The Lind School Board voted unanimously during the meeting on Feb. 22 to close the Debt Service Fund after the district recently paid all outstanding bonded indebtedness of $3 million debt.

As of the meeting night, a total of $85,520.20 was left in the fund, which is less than three percent of the original bond amount.

According to Vi Holland, the district’s business manager, if less than three percent of the original bond remains in the fund after paying the debt, the district is allowed to permanently transfer the balance to the general fund.

The Debt Service Fund would be permanently closed.

Holland added that the monies could only be used for curriculum materials and textbooks.

Any future revenue earmarked for the Debt Service Fund, such as taxes, would be directly credited to the general fund until all year’s taxes are fully paid.