Schools
Bond Refunding Nets District 181 Taxpayers over $1.2 Million
Savings is just under 10 percent of the par amount of bonds refunded, district administration says.
The following is a release from Community Consolidated School District 181:
The Community Consolidated School District 181 Board of Education approved a recent resolution authorizing the refunding of just over $13 million of outstanding Series 2002 and 2003 referendum-approved bonds to lock in net present value savings of over $1.2 million for District 181 taxpayers.
The savings is just under 10 percent of the par amount of bonds refunded.
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“I commend the Board of Education, Dr. (Troy) Whalen, and the District's financial advisors from PMA for this successful bond refunding, which will result in significant savings for our taxpayers,” said Superintendent Renée Schuster.
The District Board voted unanimously to authorize the refunding to take advantage of the record low interest rates. In the process of preparing the refunding, the district received a very strong credit rating of Aaa from Moody’s Investors Service.
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“The district’s strong long-range financial projections combined with the Board’s and administration’s commitment to maintaining a balanced budget were key factors in earning the highest credit rating from Moody’s,” said Dr. Troy Whalen, assistant superintendent for business.
The refunding bond issue was conducted through an electronic bidding process administered by the District’s financial advisor, PMA. Bidding opened at 10:45 a.m. Central Time November 28. Seven bidders placed 45 bids in little over a 20-minute period. USB Financial Services submitted the wining bid at a true interest cost of 2.417946 percent.
