Northwest Local School District Saves Taxpayers $3,765,000
Northwest Local Schools recently locked in new interest rates to refinance the District's Series 2015 Bonds that will save homeowners and businesses in the District approximately $3,765,000 over the next 26 years. The refunding bonds have the same final maturity as the refunded bonds, which is December 1, 2045.
The savings will lower the millage and future payments that taxpayers will make on the bonds. This savings represents 8.79% of the Series 2015 refunded bond par amount, which will be realized over the life of the bonds. The final maturity date will be 2045.
“This savings is generated by lowering the interest costs that taxpayers will be paying over the next 26 years,” said Amy M. Wells, CFO/Treasurer of the Northwest Local School District. “The District achieved an all-in interest rate of 3.52% over the life of the new bonds. These are great results for the Northwest Local Schools community. We saw an opportunity to save our taxpayers money and we took advantage of that opportunity.”
“As an advocate for our community, realizing opportunities to reduce tax dollars is an important part of our stewardship,” said Wells. “When voters approve school bonds and levies, they are expressing their faith that the administration will be vigilant stewards who safeguard the investment the community entrusts to us. We’re making every effort to do just that.”
The refunded Series 2015 Bonds were issued for new construction (including three new elementary schools), improvements, renovations and additions to school facilities, providing equipment, furnishings and site improvements; therefore, including without limitation, the comprehensive renovation of the District’s middle and high schools in accordance with the District’s master facilities plan.
NWLSD was able to maintain their Aa2 rating, an indicator of strong financial stability through with Moody’s Investor Services, which is how the District was able to achieve the lower interest rate.
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