Joplin R-8 Board to refinance loan while waiting for FEMA reimbursements

As the wait for reimbursement from FEMA for Joplin R-8 building projects continues, the Board of Education is scheduled to refinance a lease purchase loan the district received from Bank of America.

According to documentation provided in the packet for the board's 7 p.m. Tuesday meeting, the district still owes $15 million on the loan. The refinancing will extend the payment time by three years as the district waits for the FEMA reimbursements.

The background of the loan was explained in the documentation.

"The original purpose of the financing was to provide Joplin Schools with the funds to pay contractors to complete the projects so that we could the submit paid invoices and required reports to SEMA, FEMA, and the Economic Development Administration in order to obtain cost reimbursements from funds obligated by those agencies for approved Joplin Schools projects."

CFO Paul Barr is scheduled to give an update on the FEMA negotiations.