Archive for Thursday, August 26, 2010

School board refinances 2001 bonds

August 26, 2010

On Monday night, the Baldwin School Board approved the refinancing of old bonds, which will save taxpayers hundreds of thousands of dollars.

The board unanimously approved the refinancing of bonds from the 2001 bond issue. That action will save a total of $460,441 over the remaining life of the bonds, which is seven years.

“The board took the 2001 bonds that have seven years left to pay and refinanced those,” Supt. Paul Dorathy said. “The savings from refinancing those is $460,441 for taxpayers.”

It will mean about 1 mill saved per year. Currently, 1 mill raises around $74,000. The savings per year from the refinancing is $65,777.

Comments

Torch 4 years, 3 months ago

Translation:

""We're going to raise the mill levy by 1 since you were going to pay for it anyway."

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Stacy Napier 4 years, 3 months ago

Whats funny remember when they were trying to get the bonds passed. They used the line that bonds were at an all time low so we needed to vote it in now not later so we could lock the interest rates.

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jmyrick 4 years, 3 months ago

That's true about the push for the 2009 bond issue for interest rates. However, what the school board refinanced Monday is from the 2001 bond issue.

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sparky 4 years, 3 months ago

This is what is so comical. We can't even keep our bond issue's straight. How many communities have the honor to pay on THREE bond issue's at the same time? Ridiculous!

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