School Bond Re-Fi Saves Taxpayers $1.1 Million
The sale, made during a period of record-low interest rates, officially closed December 13. It should save Collingswood taxpayers $60,000 annually from 2015 through 2030.
At its meeting Monday, the Collingswood Board of Education confirmed that a recent refunding sale of $15.6 million in bonds exceeded its financial expectations, and should net more than $1.1 million in savings to Collingswood taxpayers. The rate reduction will take effect beginning in the 2015-16 school year, and will carry through the life of the bonds, which expire in 2030, said Beth Ann Coleman, business administrator for the district. Better still: the move doesn’t extend the debt repayment schedule beyond its original date, and taxpayers will save about $60,000 annually from the move, Coleman said. According to a press release issued by The Charleville Company of Robbinsville, NJ, the average net interest rate on the new bonds will be…
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Joanna Mills
9:05 am on Thursday, December 27, 2012
@Matt. What, no presentation at the BOE meeting about the recently released HSPA results. more ›