Refunding of Bonds Expected to Save District $2.2M
Savings will translate to about $8 savings a year for the average household.
The Board of Education is scheduled to vote on refunding and refinancing $28.4 million in bonds at a meeting on Thursday.
The refunding will lower the district’s annual debt service payment for the average household by $8, said district Business Administrator Juanita Petty.
The remaining $28.4 million is what remain of about $45.9 million in bonds that were issued in 2003 to finance the construction of the new Anthony Wayne Middle School and other projects in the district.
The move will save the district about $200,000 annually, or about $2.2 million when adjusted for inflation, over the course of the repayment life of the bonds. The bonds are scheduled to mature in 2023.
The debt service is automatically figured into the school portion of each household’s annual tax bill. The average household is valued at $230,000.
Board President Donald Pavlak Jr. could not be reached for comment.