Moffat County School District saves taxpayers $511,000 with bond refinancing
February 18, 2014
According to a recent press release, Moffat County School District entered the bond market Feb. 13 to refinance $8.4 million of its outstanding Series 2007 general obligation bonds, a financial move that will save taxpayers about $50,000 per year from 2014 to 2023 without extending the life of the original bond issue.
The press release also said the Series 2012 tax-exempt refunding bonds have an average interest rate of 2.22 percent and will replace maturities in the 2007 tax-exempt bonds that had an average interest rate of 5.25 percent.
The low interest rate and high investment grade rating is expected to save "significant taxpayer dollars."
"We are pleased to see our staff and finance team's efforts result in a win for both district and taxpayers," school board President JB Chapman said.