District Bond Refund Nets $6M In Savings
The current tax reform debate occurring in Washington created an opportunity for the District to advance refund $43,825,000 of its 2014 bonds. The District was able to save $6,100,112 in future debt service costs for nearly 10% net present value savings. This will average approximately $235,000 per year over the life of the remaining bonds (final maturity 2043).
The District was fortunate to be able to take advantage of an aggressive tax-exempt bond market. This refunding coupled with the refunding completed in September will positively impact our taxpayers in reducing the current debt service millage by approximately 0.75 mills in tax year 2019. District Treasurer Kent Zeman is constantly looking at ways to improve our financial condition and this is just one example on how the District and Treasurer Zeman is displaying great stewardship of our taxpayers' dollars.