Plymouth-Canton Schools Save $8M by Refunding Bonds
The cost savings come from refunding school bonds from 2003 and 2004.
The Plymouth-Canton Community Schools saved taxpayers more than $8 million by refunding bonds, officials announced at Tuesday night's school board meeting.
The district saved 7.9 percent on refunding 2003 bonds and 12.82 percent on 2004 bonds, according to a final bond refunding report, prepared by Brodie Killian, the district's executive director for business services. In present value terms, the savings are worth $8.1 million.
According to the report, there are several reasons for the savings, including:
- historical lows in municipal bond interest rates
- a strong credit rating (Double A)
- a bond issue of more than $60 million, which attracted large institutional buyers
"Any time you see double digit savings figures, it's a real rarity and we should be proud of that," Killian said.
Other Items Discussed
- The board approved a bid for science and bathroom remodeling for Starkweather Academy's Fiegel Building.
- The board approved the technology curriculum for grades K-5.
- The board discussed a proposal for adding a dean of students position at Starkweather Academy.