JACKSON -- The Jackson Board of Education passed a refunding bond resolution during a meeting Tuesday that will earn the district up to $432,000 in interest savings.

The resolution authorized the sale of the callable portion of the Series 1996 Bonds sold by the district two years ago to finance several construction projects. A total of $6,045,000 in general obligation refunding bonds will be sold at an average interest rate of about 4.79 percent, nearly one point lower than the original percentage rate.

Refunding the bonds at a lower interest rate reduces the district's future interest expense by $415,197.50. However, because the state will reimburse the district for most of the issuance costs associated with refunding the bonds, actual savings will be about $432,508.

"This plan does not materially change our existing annual debt service payments, while preserving considerable flexibility for the district in the future," said Dr. Howard Jones, superintendent. "It also allows the district to borrow an additional $5 million in general obligation bonds for other needs if necessary to accommodate our rapid enrollment growth without increasing the 46-cent debt service fund levy with voter approval.

L.J. Hart & Co. of St. Louis prepared the refunding proposal and publicized the resale notice to potential investors. Representatives said about 70 local investors bought approximately $1.1 billion of the bonds.

In an informational report, assistant superintendent Fred Jones told board members the district had received a federal technology match grant for $150,000 over the next two years. Jackson was one of 41 school districts in the nation selected to receive the Technology Literacy Challenge Fund Grant.

The district will contribute $30,000 to the total amount for the purchase of computers, printers educational software, Internet access, infrastructure equipment, training for teachers and additional books and reading materials for elementary students.

The equipment and software will be used to increase reading achievement in the elementary grades by using the Electronic Bookshelf (EBS) program, which concentrates on the individualized use of a computerized, instructional and interactive program to improve students' reading ability and motivation, said Jones.

"It's another way of getting reading in front of students and motivating them to enjoy reading," he said.

"We think it's a significant technological addition to our schools and we hope to see the results of this very soon."