After gaining $2,230,818 in net savings through bond refundings in 2011 and 2012, Parkland School District is positioned to bring in more dollars through another transaction.

At the Oct. 16 board meeting, Business Manager John Vignone reported the district anticipates saving at least $500,000 through refunding the 2007 bond series, which has $8,955,000 in principal outstanding.

Vignone offered comments on the matter.

"We want to review and prepare for another bond refunding opportunity," Vignone said. "This is very important to the taxpayers of the community."

He noted the 2007 bonds carry an average 4.05 percent interest rate.

"We can get to something much lower," he said.

Although Vignone said the refunding will save at least a half-million dollars, he is looking for even more.

Based on current information, the administration is striving for $723,125.

From that total, $58,534 would have to be sent to the state.

Board members wanted to know why the state should receive anything from the deal.

"They share in our debt service," Vignone said. "When the district benefits in refunding, they want to get their cut."

Working with financial advisor Scott Shearer, managing director of Public Financial Management, Vignone said the district will apply some of the savings to the 2013-14 budget but will phase some forward for use through the next seven years.

"This structure helps mitigate taxpayer impact for future new money borrowings," Vignone said.

Jens Damgaard, bond counsel for Rhoads and Sinon LLP, will prepare a parameters resolution granting district administrators authority to go through with the bond refinancing when the market is most advantageous.

Turning to another finance topic, Vignone reported the district needs approximately $24 million for numerous building remodeling and improvement projects, as recommended by USA Architects in a feasibility study presented to the board in September.

The major priority is renovation of Kratzer Elementary School at an estimated cost of $5.2 million.

Funds are also needed for paving, roofing, plumbing, heating, ventilating and air-conditioning projects throughout the district; bus purchases; security upgrades and technology infrastructure and computer purchases.

Shearer recommended the district borrow $10 million in 2013; $10 million in 2014, and the amount needed to finish the projects in 2015.

The district, with a S&P AA stable outlook credit rating, has a remaining borrowing capacity of $146,533,245.