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Show Board Slates Bond Sale Date FARMINGTON -- A Dec. 16 sale date has been set for the $54 million Davis School Board's refinancing bonds. THAT DATE was set in a special meeting held last week where terms of the sale were finalized by a unanimous vote of the five-member board. Under the new plan, handled by Continental Bank and Trust of Salt Lake City as the key banking agent, additional funds will be generated for construction while relieving the board of education of having hav-ing to raise the mill levy about 18 mills. The capital outlay bond used for new projects in the ever-growing district would-'ve would-'ve topped that mark set by the board as the intended ceiling. ceil-ing. In fact, projections indicated indi-cated it could go as high as 23 mills within the next several years without the new bonding. UNDER THE direction of Burrows, Smith-Bache, bond underwriters, it's anticipated the district could save nearly $4 million, said Larry De-nham, De-nham, a firm vice president. The new "innovative" financing is supposed to mean millions of dollars in savings, starting with $4.4 million to be available for new construction during the coming year. That features a new $2.6 million bond sale and interest savings on the current year's bond payments of $1.8 million or nearly the cost of a new elementary school. WITH THAT new bond issue, additions to a secondary and eight elementary schools are planned. And the time-line for projects will be adjusted forward by a year because of the interest saved. An added sweetner is postponing post-poning $3.5 million in bond principal payments originally due in 1983 for one-two years. Instead, some $700,000 in estimated esti-mated interest will be garnered by placing the funds in bank accounts-enough for a good-sized good-sized addition of six-seven class rooms, for instance. THE BOND refinancing will also allow for a savings to taxpayers tax-payers of more than $1 million in interest, the board was told, tb |