GFW Board refinance bonds to reduce taxpayer’s levies

by Doug Hanson

With interest rates at a 10 year low point for bond sales, Steve Pumper of PMA Securities attended the Monday evening GFW School Board meeting to present an interest savings plan. The bond in question is a $1.9 million 16-year bond taken out in 2009 to help finance Other Post-Employment Benefits (OPEB). The School District levies to pay for this bond. The current rate is under one percent. With the cost of a state credit enhancement program and the cost of refinancing the new interest rate is estimated to be at 2.76 percent. The 2009 bond is at 5.42 percent.

 

For the complete story, check out the September 23 issue of the Winthrop News.

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